<SEC-DOCUMENT>0001047469-18-003931.txt : 20180521
<SEC-HEADER>0001047469-18-003931.hdr.sgml : 20180521
<ACCEPTANCE-DATETIME>20180521163150
ACCESSION NUMBER:		0001047469-18-003931
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20180521
DATE AS OF CHANGE:		20180521

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARDELYX, INC.
		CENTRAL INDEX KEY:			0001437402
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-205631
		FILM NUMBER:		18850034

	BUSINESS ADDRESS:	
		STREET 1:		34175 ARDENWOOD BLVD.
		CITY:			FREMONT
		STATE:			CA
		ZIP:			94555
		BUSINESS PHONE:		510-745-7047

	MAIL ADDRESS:	
		STREET 1:		34175 ARDENWOOD BLVD.
		CITY:			FREMONT
		STATE:			CA
		ZIP:			94555

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NTERYX INC
		DATE OF NAME CHANGE:	20080611
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>a2235783z424b5.htm
<DESCRIPTION>424B5
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Use these links to rapidly review the document<BR>
<A HREF="#bg13301a_main_toc">  Table of Contents</A> <BR>
<A HREF="#bg13302_table_of_contents">  TABLE OF CONTENTS</A><BR></font>
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<P ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>Filed pursuant to Rule&nbsp;424(b)(5)<BR>
Registration Statement No.&nbsp;333-205631  </B></FONT></P>


<P style="font-family:arial;"><FONT COLOR="#FF4040" SIZE=2>The information in this preliminary prospectus supplement is not complete and may be changed. This preliminary
prospectus supplement is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted. </FONT></P>

<P ALIGN="RIGHT" style="font-family:arial;"><FONT COLOR="#FF4040" SIZE=2>Subject to completion, dated May&nbsp;21, 2018 </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><B>Prospectus Supplement<BR>  </B></FONT><FONT SIZE=2>(To Prospectus dated July&nbsp;20, 2015) </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=4><B>$50,000,000  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=4><B>
<IMG SRC="g972341.jpg" ALT="LOGO" WIDTH="324" HEIGHT="55">
  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=4><B> Common stock  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=4><I>

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<P style="font-family:arial;"><FONT SIZE=2>We are offering up to $50,000,000 of shares of our common stock. Assuming a public offering price of $5.80 per share, we would be offering 8,620,689 shares of
our common stock in this offering. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our
common stock is listed on The Nasdaq Global Market under the symbol "ARDX." On May&nbsp;18, 2018, the last reported sale price of our common stock on The Nasdaq Global Market was $5.80 per
share. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><B>Investing in our common stock involves a high degree of risk. Before making an investment decision, please read the information under the heading "Risk Factors" beginning on
page&nbsp;S-8 of this prospectus supplement and in the documents incorporated by reference into this prospectus supplement.</B></FONT></P>

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<TH COLSPAN=2 ALIGN="CENTER" style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT  style="font-size:8pt;line-height:9pt;"><B>PER SHARE </B></FONT></TH>
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<TH COLSPAN=2 ALIGN="CENTER" style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT  style="font-size:8pt;line-height:9pt;"><B>TOTAL </B></FONT></TH>
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<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Public offering price</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Underwriting discounts and commissions<SUP>(1)</SUP></FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Proceeds, before expenses, to us</FONT></TD>
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<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2><SUP>(1)</SUP></FONT></DT><DD style="font-family:arial;"><FONT SIZE=2>See
"Underwriting" for additional disclosure regarding estimated underwriting discounts and commissions and estimated offering expenses. </FONT></DD></DL>

<P style="font-family:arial;"><FONT SIZE=2>We
intend to grant the underwriters the right to purchase up to $7,500,000 of additional shares of our common stock. The underwriters can exercise this right at any time within 30&nbsp;days after
the date of this prospectus supplement. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
are an "emerging growth company," as that term is used in the Jumpstart Our Business Startups Act of 2012, and, as such, have elected to comply with certain reduced public company reporting
requirements for this prospectus and future filings. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
underwriters expect to deliver the shares of common stock against payment in New York, New York on or
about&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;, 2018. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2><B>Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of
this prospectus supplement. Any representation to the contrary is a criminal offense.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><I>

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<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><I>Joint Book-Running Managers  </I></FONT></P>
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<TD ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=4><B>Jefferies</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=4>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=4><B> Leerink Partners</B></FONT></TD>
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&nbsp;&nbsp;&nbsp;
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Prospectus Supplement
dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;, 2018 </FONT></P>

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<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Page </B></FONT></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
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<TD VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#ca13301_about_this_prospectus_supplement"><p style="font-family:arial;margin-left:13pt;text-indent:-13pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>ABOUT THIS PROSPECTUS SUPPLEMENT</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#ca13301_about_this_prospectus_supplement"><FONT SIZE=2>S-1</FONT></A></TD>
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<TD VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#ca13301_market,_industry_and_other_data"><p style="font-family:arial;margin-left:13pt;text-indent:-13pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>MARKET, INDUSTRY AND OTHER DATA</FONT></A></TD>
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<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#ca13301_market,_industry_and_other_data"><FONT SIZE=2>S-2</FONT></A></TD>
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<TD VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#ca13301_prospectus_supplement_summary"><p style="font-family:arial;margin-left:13pt;text-indent:-13pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>PROSPECTUS SUPPLEMENT SUMMARY</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#ca13301_prospectus_supplement_summary"><FONT SIZE=2>S-3</FONT></A></TD>
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<TD VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#cc13301_the_offering"><p style="font-family:arial;margin-left:13pt;text-indent:-13pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>THE OFFERING</FONT></A></TD>
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<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#cc13301_the_offering"><FONT SIZE=2>S-6</FONT></A></TD>
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<TD VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#da13301_risk_factors"><p style="font-family:arial;margin-left:13pt;text-indent:-13pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>RISK FACTORS</FONT></A></TD>
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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#da13301_risk_factors"><FONT SIZE=2>S-8</FONT></A></TD>
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<TD VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#dc13301_special_note_regarding_forward-looking_statements"><p style="font-family:arial;margin-left:13pt;text-indent:-13pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></A></TD>
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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#dc13301_special_note_regarding_forward-looking_statements"><FONT SIZE=2>S-11</FONT></A></TD>
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<TD VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#dc13301_use_of_proceeds"><p style="font-family:arial;margin-left:13pt;text-indent:-13pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>USE OF PROCEEDS</FONT></A></TD>
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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#dc13301_use_of_proceeds"><FONT SIZE=2>S-12</FONT></A></TD>
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<TD VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#dc13301_capitalization"><p style="font-family:arial;margin-left:13pt;text-indent:-13pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>CAPITALIZATION</FONT></A></TD>
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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#dc13301_capitalization"><FONT SIZE=2>S-13</FONT></A></TD>
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<TD VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#de13301_dilution"><p style="font-family:arial;margin-left:13pt;text-indent:-13pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>DILUTION</FONT></A></TD>
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<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#de13301_dilution"><FONT SIZE=2>S-15</FONT></A></TD>
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<TD VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#de13301_price_range_of_common_stock"><p style="font-family:arial;margin-left:13pt;text-indent:-13pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>PRICE RANGE OF COMMON STOCK</FONT></A></TD>
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<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#de13301_price_range_of_common_stock"><FONT SIZE=2>S-17</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#de13301_dividend_policy"><p style="font-family:arial;margin-left:13pt;text-indent:-13pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>DIVIDEND POLICY</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#de13301_dividend_policy"><FONT SIZE=2>S-18</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#de13301_material_u.s._federal_income_t__mat02369"><p style="font-family:arial;margin-left:13pt;text-indent:-13pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES TO NON-U.S.
HOLDERS</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#de13301_material_u.s._federal_income_t__mat02369"><FONT SIZE=2>S-19</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#dg13301_underwriting"><p style="font-family:arial;margin-left:13pt;text-indent:-13pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>UNDERWRITING</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#dg13301_underwriting"><FONT SIZE=2>S-23</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#dg13301_legal_matters"><p style="font-family:arial;margin-left:13pt;text-indent:-13pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>LEGAL MATTERS</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#dg13301_legal_matters"><FONT SIZE=2>S-31</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#dg13301_experts"><p style="font-family:arial;margin-left:13pt;text-indent:-13pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>EXPERTS</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#dg13301_experts"><FONT SIZE=2>S-31</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#dg13301_where_you_can_find_more_information"><p style="font-family:arial;margin-left:13pt;text-indent:-13pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>WHERE YOU CAN FIND MORE INFORMATION</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#dg13301_where_you_can_find_more_information"><FONT SIZE=2>S-32</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#INFORMATION"><p style="font-family:arial;margin-left:13pt;text-indent:-13pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>INCORPORATION BY REFERENCE</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#INFORMATION"><FONT SIZE=2>S-32</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-top:12pt;margin-left:13pt;text-indent:-13pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Prospectus</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#bi13302_about_this_prospectus"><p style="font-family:arial;margin-top:12pt;margin-left:13pt;text-indent:-13pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>ABOUT THIS PROSPECTUS</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#bi13302_about_this_prospectus"><FONT SIZE=2><BR>
1</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#bi13302_where_you_can_find_more_inform__whe02537"><p style="font-family:arial;margin-left:13pt;text-indent:-13pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>WHERE YOU CAN FIND MORE INFORMATION; INCORPORATION BY
REFERENCE</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#bi13302_where_you_can_find_more_inform__whe02537"><FONT SIZE=2>2</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#bi13302_about_ardelyx"><p style="font-family:arial;margin-left:13pt;text-indent:-13pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>ABOUT ARDELYX</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#bi13302_about_ardelyx"><FONT SIZE=2>4</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#da13302_risk_factors"><p style="font-family:arial;margin-left:13pt;text-indent:-13pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>RISK FACTORS</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#da13302_risk_factors"><FONT SIZE=2>5</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#da13302_use_of_proceeds"><p style="font-family:arial;margin-left:13pt;text-indent:-13pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>USE OF PROCEEDS</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#da13302_use_of_proceeds"><FONT SIZE=2>6</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#da13302_ratio_of_earnings_to_f__da102361"><p style="font-family:arial;margin-left:13pt;text-indent:-13pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE DIVIDENDS</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#da13302_ratio_of_earnings_to_f__da102361"><FONT SIZE=2>7</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#dc13302_description_of_capital_stock"><p style="font-family:arial;margin-left:13pt;text-indent:-13pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>DESCRIPTION OF CAPITAL STOCK</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#dc13302_description_of_capital_stock"><FONT SIZE=2>8</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#de13302_description_of_debt_securities"><p style="font-family:arial;margin-left:13pt;text-indent:-13pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>DESCRIPTION OF DEBT SECURITIES</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#de13302_description_of_debt_securities"><FONT SIZE=2>13</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#dg13302_description_of_warrants"><p style="font-family:arial;margin-left:13pt;text-indent:-13pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>DESCRIPTION OF WARRANTS</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#dg13302_description_of_warrants"><FONT SIZE=2>21</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#dg13302_description_of_purchase_contracts"><p style="font-family:arial;margin-left:13pt;text-indent:-13pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>DESCRIPTION OF PURCHASE CONTRACTS</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#dg13302_description_of_purchase_contracts"><FONT SIZE=2>23</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#dg13302_description_of_units"><p style="font-family:arial;margin-left:13pt;text-indent:-13pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>DESCRIPTION OF UNITS</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#dg13302_description_of_units"><FONT SIZE=2>24</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#di13302_global_securities"><p style="font-family:arial;margin-left:13pt;text-indent:-13pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>GLOBAL SECURITIES</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#di13302_global_securities"><FONT SIZE=2>25</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#dk13302_plan_of_distribution"><p style="font-family:arial;margin-left:13pt;text-indent:-13pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>PLAN OF DISTRIBUTION</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#dk13302_plan_of_distribution"><FONT SIZE=2>28</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#dk13302_legal_matters"><p style="font-family:arial;margin-left:13pt;text-indent:-13pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>LEGAL MATTERS</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#dk13302_legal_matters"><FONT SIZE=2>30</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#dk13302_experts"><p style="font-family:arial;margin-left:13pt;text-indent:-13pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>EXPERTS</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#dk13302_experts"><FONT SIZE=2>30</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>i</FONT></P>

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 </FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg13301a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><A
NAME="ca13301_about_this_prospectus_supplement"> </A>
<A NAME="toc_ca13301_1"> </A>
<BR></FONT><FONT SIZE=2><B>  ABOUT THIS PROSPECTUS SUPPLEMENT    <BR>    </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We provide information to you about this offering of shares of our common stock in two separate documents that are bound together: (1)&nbsp;this prospectus
supplement, which describes the specific details regarding this offering; and (2)&nbsp;the accompanying base prospectus, which provides general information, some of which may not apply to this
offering. Generally, when we refer to this "prospectus," we are referring to both documents combined. If information in this prospectus supplement is inconsistent with the accompanying base
prospectus, you should rely on this prospectus supplement. However, if any statement in one of these documents is inconsistent with a statement in another document having a later
date&nbsp;&#151; for example, a document incorporated by reference in this prospectus supplement&nbsp;&#151; the statement in the document having the later date modifies or
supersedes the earlier statement as our business, financial condition, results of operations and prospects may have changed since the earlier dates. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
have not authorized anyone to provide you with any information or to make any representation, other than those contained or incorporated by reference in this prospectus supplement or in any free
writing prospectus we have prepared. We take no responsibility for, and provide no assurance as to the reliability of, any other information that others may give you. Neither we or the underwriters
are making an offer to sell or soliciting an offer to buy our securities in any jurisdiction where an offer or solicitation is not authorized or in which the person making that offer or solicitation
is not qualified to do so or to anyone to whom it is unlawful to make an offer or solicitation. You should assume that the information appearing in this prospectus, the documents incorporated by
reference into this prospectus, and in any free writing prospectus that we may authorize for use in connection with this offering, is accurate only as of the date of those respective documents. Our
business, financial condition, results of operations and prospects may have changed since those dates. You should read this prospectus, the documents incorporated by reference into this prospectus,
and any free writing prospectus that we may authorize for use in connection with this offering, in their entirety before making an investment decision. You should also read and consider the
information in the documents to which we have referred you in the sections of this prospectus supplement entitled "Where You Can Find More Information" and "Information Incorporated by Reference." </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
are offering to sell, and seeking offers to buy, shares of our common stock only in jurisdictions where offers and sales are permitted. The distribution of this prospectus and the offering of our
common stock in certain jurisdictions may be restricted by law. Persons outside the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions
relating to, the offering of our common stock and the distribution of this prospectus outside the United States. This prospectus does not constitute, and may not be used in connection with, an offer
to sell, or a solicitation of an offer to buy, any securities offered by this prospectus by any person in any jurisdiction in which it is unlawful for such person to make such an offer or
solicitation. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>When
we refer to "Ardelyx" "we," "our," "us" and the "Company" in this prospectus, we mean Ardelyx,&nbsp;Inc., unless otherwise specified. When we refer to "you," we mean the holders of common stock
of the Company. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Ardelyx&reg;
and our logo are some of our trademarks used in this prospectus. This prospectus also includes trademarks, tradenames, and service marks that are the property of other
organizations. Solely for convenience, our trademarks and tradenames referred to in this prospectus supplement appear without the&nbsp;&reg; and &#153; symbol, but those references
are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights, or the right of the applicable licensor to these trademarks and tradenames. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>S-1</FONT></P>

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<A NAME="page_ca13301_1_2"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg13301a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><A
NAME="ca13301_market,_industry_and_other_data"> </A>
<A NAME="toc_ca13301_2"> </A>
<BR></FONT><FONT SIZE=2><B>  MARKET, INDUSTRY AND OTHER DATA    <BR>    </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>This prospectus, including the information incorporated by reference, contains estimates, projections and other information concerning our industry, our
business, and the markets for certain drugs, including data regarding the estimated size of those markets, their projected growth rates and the incidence of certain medical conditions. Information
that is based on estimates, forecasts, projections or similar methodologies is inherently subject to uncertainties and actual events or circumstances may differ materially from events and
circumstances reflected in this information. Unless otherwise expressly stated, we obtained this industry, business, market and other data from reports, research surveys, studies and similar data
prepared by third parties, industry, medical and general publications, government data and similar sources. In some cases, we do not expressly refer to the sources from which this data is derived. In
that regard, when we refer to one or more sources of this type of data in any paragraph, you should assume that other data of this type appearing in the same paragraph is derived from the same
sources, unless otherwise expressly stated or the context otherwise requires. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>S-2</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg13301a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><A
NAME="ca13301_prospectus_supplement_summary"> </A>
<A NAME="toc_ca13301_3"> </A>
<BR></FONT><FONT SIZE=2><B>  PROSPECTUS SUPPLEMENT SUMMARY    <BR>    </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I>This summary provides a general overview of selected information and does not contain all of the information you should consider before
buying our common stock. Therefore, you should read the entire prospectus and any free writing prospectus that we have authorized for use in connection with this offering carefully, including the
information incorporated by reference, before deciding to invest in our common stock. Investors should carefully consider the information set forth under "Risk Factors" beginning on page&nbsp;S-7
and the "Risk Factors" section, as well as our audited financial statements and related notes thereto, included in our Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2017 as
well as our Quarterly Report on Form&nbsp;10-Q for the quarterly period ended March&nbsp;31, 2018 and any subsequent Quarterly Report on Form&nbsp;10-Q incorporated by reference
therein.</I></FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><A
NAME="ca13301_ardelyx,_inc."> </A>
<A NAME="toc_ca13301_4"> </A>
<BR></FONT><FONT SIZE=2><B>  Ardelyx,&nbsp;Inc.    <BR>    </B></FONT></P>


<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


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Overview  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We are a specialized biopharmaceutical company focused on developing first-in-class, disruptive medicines for the treatment of renal diseases. Our primary
therapeutic focus is on treating people with renal diseases, which affect both the heart and the kidneys. This includes patients with end-stage renal disease, or ESRD, who suffer from elevated serum
phosphorus, or hyperphosphatemia; patients with chronic kidney disease, or CKD, and/or heart failure patients with elevated serum potassium, or hyperkalemia. We have also developed a number of
programs directed toward treating gastrointestinal, or GI, disorders, including the treatment of irritable bowel syndrome with constipation, or IBS-C. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>Our
portfolio is led by the development of tenapanor, a first-in-class inhibitor of NHE3. In our renal pipeline, tenapanor is being evaluated in a second Phase&nbsp;3 trial for the treatment of
hyperphosphatemia in patients with ESRD who are on dialysis. This registration trial follows a successful first Phase&nbsp;3 trial completed in 2017, which achieved statistical significance for the
primary endpoint. We are also advancing a small molecule potassium secretagogue program, RDX013, for the potential treatment of hyperkalemia. We believe that both tenapanor and RDX013 have the
potential to provide treatment options that are differentiated significantly from binders, the current standards of care in both of these markets. We believe our small molecule approach to treating
these conditions could significantly reduce the pill burden for patients, leading to higher compliance, and offer completely new mechanisms of action that interact with receptors in the gut,
potentially allowing improved efficacy in some patients. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In
addition to the development for renal diseases, we have developed tenapanor for the treatment of patients with IBS-C. In 2017, we completed the T3MPO program for this indication, including two
Phase&nbsp;3 studies, both of which achieved statistical significance for the primary endpoint, and a long-term safety extension study. We believe that data from the T3MPO program collectively
demonstrated the ability of tenapanor to provide sustained relief of constipation and reduced abdominal pain with a generally favorable tolerability profile. Based on the results of the T3MPO clinical
program in IBS-C, we are preparing to submit our first New Drug Application, or NDA, to the United States Food and Drug Administration, or FDA, in the second half of 2018 for tenapanor for the
treatment of IBS-C. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
believe that tenapanor for the treatment of hyperphosphatemia could represent a market opportunity of between $500&nbsp;million and $700&nbsp;million in the United States and that tenapanor for
the treatment of IBS-C could represent a market opportunity of over $500&nbsp;million in the United States. </FONT></P>

<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


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Recent Developments  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>On May&nbsp;16, 2018, or the Closing Date, we entered into a loan and security agreement, or the Loan Agreement, with Solar Capital&nbsp;Ltd. and Western
Alliance Bank, or, collectively, the Lenders. The Loan </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>S-3</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>Agreement
provides for a $50.0&nbsp;million term loan facility with a maturity date of November&nbsp;1, 2022, or the Term Loan. The full amount of the loan was funded on May&nbsp;16, 2018. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>Borrowings
under the Term Loan bear interest at a floating per annum rate equal to 7.45% plus the one-month LIBOR. We are permitted to make interest-only payments on the Term Loan through
December&nbsp;1, 2020 if we achieve our primary endpoint in the Phase&nbsp;3 study of tenapanor for the treatment of hyperphosphatemia in patients with ESRD who are on dialysis, or the
Phase&nbsp;3 Endpoint, prior to June&nbsp;1, 2020; otherwise, we are permitted to make interest-only payments on the Term Loan only through June&nbsp;1, 2020. Accordingly, beginning on either
June&nbsp;1, 2020 or December&nbsp;1, 2020, as applicable, through the maturity date, we will be required to make monthly payments of interest plus repay the Term Loan in consecutive equal monthly
installments of principal. We were obligated to pay 1% of the Term Loan, or $0.5&nbsp;million, upon the closing of the Term Loan. We are obligated to pay a fee equal to 3.95% of the Term Loan upon
the earliest to occur of the maturity date, the acceleration of the Term Loan, the prepayment or repayment of the Term Loan or the termination of the Loan Agreement. We may voluntarily prepay the
outstanding Term Loan, subject to a prepayment premium of (i)&nbsp;3% of the principal amount of the Term Loan if prepaid prior to or on the first anniversary of the Closing Date, (ii)&nbsp;2% of
the principal amount of the Term Loan if prepaid after the first anniversary of the Closing Date through and including the second anniversary of the Closing Date, or (iii)&nbsp;1% of the principal
amount of the Term Loan if prepaid after the second anniversary of the Closing Date and prior to the maturity date. The Term Loan is secured by substantially all of our assets, except for our
intellectual property and certain other customary exclusions. Additionally, in connection with the Term Loan, we entered into an Exit Fee Agreement, whereby we agreed to pay an exit fee in the amount
3% of the Term Loan, or the Exit Fee, upon (y)&nbsp;any change of control transaction or (z)&nbsp;FDA approval of tenapanor in the treatment of hyperphosphatemia in ESRD patients on dialysis and
FDA approval of tenapanor for the treatment of patients with irritable bowel syndrome with constipation (IBS-C). Notwithstanding the prepayment or termination of the Term Loan, the Exit Fee will
expire 10&nbsp;years from the Closing Date. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
Loan Agreement contains customary representations and warranties and customary affirmative and negative covenants, including, among others, requirements as to financial reporting and insurance and
restrictions on our ability to dispose of our business or property, to change our line of business, to liquidate or dissolve, to enter into any change in control transaction, to merge or consolidate
with any other entity or to acquire all or substantially all the capital stock or property of another entity, to incur additional indebtedness, to incur liens on our property, to pay any dividends or
other distributions on capital stock other than dividends payable solely in capital stock or
to redeem capital stock. We have agreed to not allow our unrestricted cash and cash equivalents to be less than the sum of (i)&nbsp;the principal payments due on interest-bearing liabilities for the
upcoming seven fiscal months and (ii)&nbsp;seven times the average cash spent in respect of operations and capital expenditures per month (excluding principal payments made in respect of interest-
bearing liabilities made in such period). The foregoing covenant shall no longer apply if after May&nbsp;16, 2018, we have received at least $46.5&nbsp;million in aggregate unrestricted net cash
proceeds from the sale and issuance of stock pursuant to one or more bona fide equity financings. Additionally, if we elect to enter into an exclusive license agreement for the use of our intellectual
property in the United States (other than for tenapanor for hyperphosphatemia or for our FXR and TGR5 agonist programs) and we have not obtained the written consent of the Lenders to enter into such
license agreement, we have agreed to not allow our unrestricted cash and cash equivalents to be less than $50.0&nbsp;million, until we achieve our Phase&nbsp;3 Endpoint. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In
addition, the Loan Agreement contains customary events of default that entitle the Lender to cause our indebtedness under the Loan Agreement to become immediately due and payable, and to exercise
remedies against us and the collateral securing the Term Loan, including our cash. Under the Loan Agreement, an event of default will occur if, among other things, we fail to make payments under the
Loan Agreement, we breach any of our covenants under the Loan Agreement, subject to specified cure periods with respect to certain breaches, the Lenders determines that a material adverse change has
occurred, we or our assets </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>S-4</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>become
subject to certain legal proceedings, such as bankruptcy proceedings, we are unable to pay our debts as they become due or we default on contracts with third parties which would permit the
holder of indebtedness to accelerate the maturity of such indebtedness or that could have a material adverse change on us. Upon the occurrence and for the duration of an event of default, an
additional default interest rate equal to 4.0% per annum will apply to all obligations owed under the Loan Agreement. </FONT></P>

<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


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Corporate Information  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We were founded in October 2007 as a Delaware corporation under the name Nteryx,&nbsp;Inc. Our principal executive offices are located at 34175 Ardenwood
Blvd., Suite&nbsp;200, Fremont, CA 94555, and our telephone number is (510)&nbsp;745-1700. Our website address is www.ardelyx.com. The information on, or that can be accessed through, our website
is not part of this prospectus. We have included our website address as an inactive textual reference only. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
are an "emerging growth company," as defined in the Jumpstart Our Business Startups Act of 2012. We will remain an emerging growth company until the earlier of (1)&nbsp;the last day of the fiscal
year following the fifth
anniversary of the completion of our initial public offering of common stock (December&nbsp;31, 2019), (2)&nbsp;the last day of the fiscal year in which we have total annual gross revenue of at
least $1.07&nbsp;billion, (3)&nbsp;the last day of the fiscal year in which we are deemed to be a large accelerated filer, which means the market value of our common stock that is held by
non-affiliates exceeds $700&nbsp;million as of the prior June&nbsp;30th, and (4)&nbsp;the date on which we have issued more than $1.0&nbsp;billion in non-convertible debt during the prior
three-year period. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>S-5</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2><BR></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><A
NAME="cc13301_the_offering"> </A>
<A NAME="toc_cc13301_1"> </A>
<BR></FONT><FONT SIZE=2><B>  THE OFFERING    <BR>    </B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

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<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="218pt" style="font-family:arial;"></TD>
<TD WIDTH="18pt" style="font-family:arial;"></TD>
<TD WIDTH="" style="font-family:arial;"></TD>
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<TR VALIGN="TOP">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Issuer</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>Ardelyx,&nbsp;Inc.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;"><p style="font-family:arial;margin-top:12pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Common stock we are offering</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of our common stock.</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><p style="font-family:arial;margin-top:12pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Common stock to be outstanding after the offering</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><p style="font-family:arial;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;"><p style="font-family:arial;margin-top:12pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Option to purchase additional shares</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>We intend to grant the underwriters a 30-day option to purchase up to an
additional&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of our common stock.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;"><p style="font-family:arial;margin-top:12pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Use of proceeds</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>We currently expect to use our existing cash, cash equivalents and short-term investments and the net proceeds from this
offering to support our clinical development and pre-commercialization efforts for tenapanor for the treatment of hyperphosphatemia in patients with ESRD who are on dialysis, including the ongoing second Phase&nbsp;3 clinical trial evaluating
tenapanor for such indication; the manufacturing efforts for tenapanor; our research and development efforts for our RDX013 program; the preparation and submission of a New Drug Application for tenapanor for IBS-C, and for general corporate purposes
and working capital. See "Use of Proceeds" on page&nbsp;S-11.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;"><p style="font-family:arial;margin-top:12pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Risk factors</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>You should read the "Risk Factors" section of this prospectus supplement and in the documents incorporated by reference in
this prospectus for a discussion of factors to consider before deciding to purchase shares of our common stock.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;"><p style="font-family:arial;margin-top:12pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loan Agreement</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>On May&nbsp;16, 2018, we entered into a loan and security agreement with Solar Capital&nbsp;Ltd and Western Alliance Bank.
This loan agreement provides for a $50.0&nbsp;million term loan facility with a maturity date of November&nbsp;1, 2022. In addition to other affirmative and negative covenants, the loan agreement requires that we maintain a minimum of seven months of
cash and certain cash equivalents until we have completed one or more equity offerings with aggregate net proceeds of at least $46.5&nbsp;million, including this offering. At that time, this minimum liquidity requirement will cease to have effect. In
the event that we remain subject to this minimum liquidity requirement, it may have a material adverse effect on our business, operating results and financial condition.</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><p style="font-family:arial;margin-top:12pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Symbol on The Nasdaq Global Market</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><p style="font-family:arial;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>"ARDX".</FONT></TD>
</TR>
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 </DIV>
 <P style="font-family:arial;"><FONT SIZE=2>The
number of shares of common stock to be outstanding after this offering is based on 47,603,568 shares of common stock outstanding as of March&nbsp;31, 2018, and excludes the following, in each
case as of such date:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> 5,227,555 shares of common stock issuable upon the exercise of outstanding stock options
having a weighted-average exercise price of $9.61 per share; </FONT></DD></DL>
</UL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>S-6</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
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<DL compact>
<DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> 2,172,899 shares of common stock issuable upon the exercise of outstanding warrants
having an exercise price of $13.91 per share; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> 635,445 shares of common stock issuable upon the settlement of outstanding restricted
stock units; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> 1,000,000 shares of common stock reserved for issuance pursuant to future awards under
our 2016 Employment Commencement Inducement Plan; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> 1,718,410 shares of common stock reserved for issuance pursuant to future awards under
our 2014 Equity Incentive Award Plan, as well as any automatic increases in the number of shares of our common stock reserved for future issuance under this plan; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> 110,080 shares of common stock reserved for future issuance under our Employee Stock
Purchase Plan, as well as any automatic increases in the number of shares of our common stock reserved for future issuance under this plan. </FONT></DD></DL>
</UL>

<P style="font-family:arial;"><FONT SIZE=2>Unless
otherwise stated, all information contained in this prospectus supplement reflects an assumed public offering price of $5.80 per share, which was the last reported sale price of our common
stock on The Nasdaq Global Market on May&nbsp;18, 2018, and no exercise of the underwriters' option to purchase additional shares. </FONT></P>
 </DIV>
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<BR></FONT><FONT SIZE=2><B>  RISK FACTORS    <BR>    </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I>Investing in our common stock involves a high degree of risk. You should consider carefully the risks described below and discussed
under the section captioned "Risk Factors" contained in our Quarterly Report on Form&nbsp;10-Q for the quarterly period ended March&nbsp;31, 2018, incorporated by reference in this prospectus in
its entirety, together with other information in this prospectus, and the information and documents incorporated by reference in this prospectus, and any free writing prospectus that we have
authorized for use in connection with this offering before you make a decision to invest in our common stock. If any of the following events actually occur, our business, operating results, prospects
or financial condition could be materially and adversely affected. This could cause the trading price of our common stock to decline and you may lose all or part of your investment. The risks
described below are not the only ones that we face. Additional risks not presently known to us or that we currently deem immaterial may also affect our business operations.</I></FONT></P>

<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


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Additional Risks Relating to this Offering  </B></FONT></P>

<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


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Our management team may invest or spend the proceeds of this offering in ways with which you may not agree or
in ways which may not yield a significant return.  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our management will have broad discretion over the use of proceeds from this offering. We currently expect to use our existing cash, cash equivalents and
short-term investments and the net proceeds from this offering as described in the section captioned "Use of Proceeds." However, our management will have considerable discretion in the application of
the net proceeds, and you will not have the opportunity, as part of your investment decision, to assess whether the proceeds are being used appropriately. The net proceeds may be used for corporate
purposes that do not increase our operating results or enhance the value of our common stock. </FONT></P>


<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


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You may experience immediate and substantial dilution in the net tangible book value per share of the common
stock you purchase.  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The price per share of our common stock being offered is higher than the net tangible book value per share of our common stock outstanding prior to this
offering. As a result, investors purchasing shares of common stock in this offering will incur immediate dilution of $2.68 per share, based on an assumed public offering price of $5.80 per share,
which was the last reported sale price of our common stock on The Nasdaq Global Market on May&nbsp;18, 2018, and our as-adjusted net tangible book value as of March&nbsp;31, 2018 after giving
effect to this offering. For information on how the foregoing amounts were calculated, see "Dilution." </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>This
dilution is due to the substantially lower price paid by our investors who purchased shares prior to this offering as compared to the price offered to the public in this offering, and the
exercise of stock options granted to our employees. As a result of the dilution to investors purchasing shares in this offering, investors may receive significantly less than the purchase price paid
in this offering, if anything, in the event of our liquidation. </FONT></P>

<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>



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You may experience future dilution as a result of future equity offerings.  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In order to raise additional capital, we may in the future offer additional shares of our common stock or other securities convertible into or exchangeable for
our common stock. We cannot assure you that we will be able to sell shares or other securities in any other offering at a price per share that is equal to or greater than the price per share paid by
investors in this offering, and investors purchasing shares or other securities in the future could have rights superior to existing stockholders. The price per share at which we sell additional
shares of our common stock or other securities convertible into or exchangeable for our common stock in future transactions may be higher or lower than the price per share in this offering. As of
March&nbsp;31, 2018, approximately 8.7&nbsp;million shares of common stock that are either subject to outstanding options or restricted stock units or reserved for future issuance under our equity
incentive plans are eligible </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>S-8</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>for
sale in the public market to the extent permitted by the provisions of various vesting schedules. Additionally, as of March&nbsp;31, 2018, approximately 2.2&nbsp;million shares of common stock
that are subject to outstanding warrants are eligible for sale in the public market. </FONT></P>

<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


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Our stock price may be volatile and our stockholders may not be able to resell shares of our common stock at
or above the price they paid.  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The trading price of our common stock is highly volatile and could be subject to wide fluctuations in response to various factors, some of which are beyond our
control. These factors include:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> results from, or any delays in, clinical trial programs relating to our product
candidates, including the ongoing Phase&nbsp;3 clinical trial for tenapanor for hyperphosphatemia; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the success of our efforts to establish a collaboration partnership for the
commercialization of tenapanor for IBS-C in the United States; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> our ability, alone or with collaboration partners, to commercialize or obtain regulatory
approval for our product candidates, including tenapanor, or delays in commercializing or obtaining regulatory approval; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> announcements of regulatory approval, a complete response letter or a refuse to file
letter to tenapanor, or specific label restrictions or patient populations for its use, or changes or delays in the regulatory review process; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> announcements relating to our current or future collaboration partnerships; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> announcements of therapeutic innovations or new products by us or our competitors; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> adverse actions taken by regulatory agencies with respect to our clinical trials,
manufacturing supply chain or sales and marketing activities; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> changes or developments in laws or regulations applicable to our product candidates; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the success of our testing and clinical trials; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> failure to meet any of our projected timelines or goals with regard to the clinical
development of any of our product candidates, including the Phase&nbsp;3 clinical trial for tenapanor for hyperphosphatemia; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> failure to meet our projected timelines with regard to the filing of the NDA for
tenapanor for IBS-C or to timely receive approval for such indication; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the success of our efforts to acquire or license or discover additional product
candidates; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> any intellectual property infringement actions in which we may become involved; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the success of our efforts to obtain adequate intellectual property protection for our
product candidates; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> announcements concerning our competitors or the pharmaceutical industry in general; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> achievement of expected product sales and profitability; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> manufacture, supply or distribution shortages; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> actual or anticipated fluctuations in our operating results; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> FDA or other U.S. or foreign regulatory actions affecting us or our industry or other
healthcare reform measures in the United States; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> changes in financial estimates or recommendations by securities analysts; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> trading volume of our common stock; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> sales of our common stock by us, our executive officers and directors or our stockholders
in the future; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> general economic and market conditions and overall fluctuations in the United States
equity markets; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the loss of any of our key scientific or management personnel. </FONT></DD></DL>
</UL>
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<P style="font-family:arial;"><FONT SIZE=2>In
addition, the stock markets in general, and the markets for pharmaceutical, biopharmaceutical and biotechnology stocks in particular, have experienced extreme volatility that may have been
unrelated to the operating performance of the issuer. These broad market fluctuations may adversely affect the trading price or liquidity of our common stock. In the past, when the market price of a
stock has been volatile, holders of that stock have sometimes instituted securities class action litigation against the issuer. If any of our stockholders were to bring such a lawsuit against us, we
could incur substantial costs defending the lawsuit and the attention of our management would be diverted from the operation of our business, which could seriously harm our financial position. Any
adverse determination in litigation could also subject us to significant liabilities. </FONT></P>

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If securities or industry analysts cease to publish research, or publish inaccurate or unfavorable research
about our business, our stock price and trading volume could decline.  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The trading market for our common stock will depend, in part, on the research and reports that securities or industry analysts publish about us or our
business. If one or more of the analysts who cover us downgrade our stock or publish inaccurate or unfavorable research about our business, our stock price would likely decline. In addition, if our
operating results fail to meet the forecasts of analysts, our stock price would likely decline. If one or more of these analysts cease coverage of our company or fail to publish reports on us
regularly, demand for our stock could decrease, which might cause our stock price and trading volume to decline. </FONT></P>

<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


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Additional Risks Related to Our Limited Operating History, Financial Condition and Capital Requirements  </B></FONT></P>

<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


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Our Loan Agreement contains restrictions that limit our flexibility in operating our business.  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>On May&nbsp;14, 2018, we entered into a loan and security agreement, or the Loan Agreement, with Solar Capital&nbsp;Ltd. and Western Alliance Bank. The
Loan Agreement provides for a $50.0&nbsp;million term loan facility with a maturity date of November&nbsp;1, 2022. The Loan Agreement contains various covenants that limit our ability to engage in
specified types of transactions without our lenders' prior consent. These covenants limit our ability to, among other
things:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> license our intellectual property; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> sell, transfer, lease or dispose of our assets; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> create, incur or assume additional indebtedness; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> encumber or permit liens on certain of our assets; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> make restricted payments, including paying dividends on, repurchasing or making
distributions with respect to our common stock; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> make specified investments (including loans and advances); </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> consolidate, merge, sell or otherwise dispose of all or substantially all of our assets;
and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> enter into certain transactions with our affiliates. </FONT></DD></DL>
</UL>

<P style="font-family:arial;"><FONT SIZE=2>In
addition, the Loan Agreement contains a liquidity covenant which requires us to maintain a minimum of seven months of cash and certain cash equivalents; provided, that this minimum liquidity
requirement ceases to apply if we complete one or more equity offerings with aggregate net proceeds of at least $46.5&nbsp;million, including this offering. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
covenants in the Loan Agreement limit our ability to take certain actions and, in the event that we breach one or more covenants, our lenders may choose to declare an event of default and require
that we immediately repay all amounts outstanding of the aggregate principal amount of $50&nbsp;million, plus exit fees, prepayment premiums, penalties and interest, and foreclose on the collateral
granted to them to secure such indebtedness. Such repayment could have a material adverse effect on our business, operating results and financial condition. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>S-10</FONT></P>

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<BR></FONT><FONT SIZE=2><B>  SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS    <BR>    </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>This prospectus, including the documents incorporated by reference herein and therein, and any free writing prospectus that we have authorized for use in
connection with this offering, contain forward-looking statements concerning our business, operations and financial performance and condition, as well as our plans, objectives and expectations for our
business operations and financial performance and condition. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. In some cases,
you can identify forward-looking statements by terminology such as "aim," "anticipate," "assume," "believe," "continue," "could," "due," "estimate," "expect," "goal," "intend," "may," "objective,"
"plan," "predict," "potential," "positioned," "seek," "should," "target," "will," "would," and other similar expressions that are predictions of or indicate future events and future trends, or the
negative of these
terms or other comparable terminology. These forward-looking statements include, but are not limited to, statements
about:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> our expectation regarding the timing of our filing of a New Drug Application with the
U.S. Federal Food and Drug Administration requesting approval to market tenapanor for patients with irritable bowel syndrome with constipation, or IBS-C; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> our expectation regarding the timing of receipt of results from our second Phase&nbsp;3
clinical trial evaluating tenapanor for the treatment of hyperphosphatemia in patients with end-stage renal disease, or ESRD, on dialysis; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> our expectations regarding our plans for and our participation in the commercialization
of tenapanor for the treatment of hyperphosphatemia in ESRD patients on dialysis, including our expectations regarding our plans to build our own sales and marketing organization to market and sell
tenapanor for such indication; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> our plans to seek one or more collaboration partners to commercialize tenapanor for
IBS-C; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> our expectations regarding the potential market size and the size of the patient
populations for our product candidates; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> our plans with respect to our pre-clinical programs; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> our ability to identify and validate targets and novel drug candidates using our
proprietary drug discovery and design platform including the Ardelyx Primary Enterocyte and Colonocyte Culture System; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the implementation of our business model and strategic plans for our business, product
candidates and technology; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> estimates of our expenses, future revenue, capital requirements, our needs for additional
financing and our ability to obtain additional capital; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> our expectations regarding the time during which we will be an emerging growth company
under the Jumpstart Our Business Startups Act of 2012; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> our financial performance; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> developments and projections relating to our competitors and our industry. </FONT></DD></DL>
</UL>

<P style="font-family:arial;"><FONT SIZE=2>You
should read this prospectus and the documents incorporated by reference herein completely and with the understanding that our actual results may differ materially from what we expect as expressed
or implied by our forward-looking statements. In light of the significant risks and uncertainties to which our forward-looking statements are subject, you should not place undue reliance on or regard
these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified timeframe, or at all. We discuss many of these risks in
greater detail in the documents incorporated by reference herein, including under the heading "Risk Factors." These forward-looking statements represent our estimates and assumptions only as of the
dates of this prospectus and the documents incorporated by reference herein and therein, regardless of the time of delivery of this prospectus or any sale of our common stock and, except as required
by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new
information, future events or otherwise after the date of this prospectus. For all forward-looking statements, we claim the protection of the safe harbor for forward-looking statements contained in
the Private Securities Litigation Reform Act of 1995. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>S-11</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=13,EFW="2235783",CP="ARDELYX, INC.",DN="1",CHK=652151,FOLIO='S-11',FILE='DISK116:[18ZBR1.18ZBR13301]DC13301A.;11',USER='CHE108067',CD='21-MAY-2018;13:35' -->
<A NAME="page_dc13301_1_12"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg13301a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><A
NAME="dc13301_use_of_proceeds"> </A>
<A NAME="toc_dc13301_2"> </A>
<BR></FONT><FONT SIZE=2><B>  USE OF PROCEEDS    <BR>    </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We estimate that the net proceeds from this offering will be approximately $46.6&nbsp;million after deducting the estimated underwriting discounts and
commissions and estimated offering expenses payable by us. If the underwriters exercise their option to purchase additional shares in full, we estimate that the net proceeds will be approximately
$53.7&nbsp;million after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us. Assuming an issuance of 8,620,689 shares of common stock in
this offering, a $1.00 increase (decrease) in the assumed public offering price would increase (decrease) the net proceeds to us by approximately $8.1&nbsp;million (based on the assumed public
offering price of $5.80 per share) after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us. We may also increase or decrease the size of this
offering by issuing more or less shares than the 8,620,689 shares we have estimated. An increase (decrease) of 1,000,000 shares in the number of shares offered by us would increase (decrease) the net
proceeds to us from this offering by approximately $5.5&nbsp;million, assuming that the public offering price (based on the assumed public offering price of $5.80 per share) remains the same and
after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
currently expect to use our existing cash, cash equivalents and short-term investments and the net proceeds from this offering (i)&nbsp;to support our clinical development and pre-commercial
activities for tenapanor for the treatment of hyperphosphatemia in end-stage renal disease patients on dialysis, (ii)&nbsp;to support the manufacturing efforts for tenapanor, (iii)&nbsp;to support
identification of a clinical candidate for our RDX013 program for hyperkalemia and to conduct activities related to the submission of an investigational new drug application for the RDX013 program;
(iv)&nbsp;to finalize the preparation and submission of the New Drug Application for tenapanor for IBS-C, and (v)&nbsp;for general business purposes including supporting working capital
requirements. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
amounts and timing of our actual expenditures will depend on numerous factors, including our clinical and pre-commercial activities with respect to tenapanor for the treatment of hyperphosphatemia
in end-stage renal disease on dialysis, our manufacturing efforts for tenapanor, as well as the amount of cash used in our operations. We therefore cannot estimate with certainty the amount of net
proceeds to be used for the purposes described above. We may find it necessary or advisable to use the net proceeds for other purposes, and we will have broad discretion in the application of the net
proceeds. Pending the uses described above, we plan to invest the net
proceeds from this offering in interest-bearing investment-grade securities, certificates of deposit or government securities. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>S-12</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=14,EFW="2235783",CP="ARDELYX, INC.",DN="1",CHK=444528,FOLIO='S-12',FILE='DISK116:[18ZBR1.18ZBR13301]DC13301A.;11',USER='CHE108067',CD='21-MAY-2018;13:35' -->
<A NAME="page_dc13301_1_13"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg13301a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><A
NAME="dc13301_capitalization"> </A>
<A NAME="toc_dc13301_3"> </A>
<BR></FONT><FONT SIZE=2><B>  CAPITALIZATION    <BR>    </B></FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>The following table sets forth our cash, cash equivalents and short-term investments and capitalization as of March&nbsp;31,
2018:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> on an actual basis; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> on an as adjusted basis to give effect to the issuance and sale by us of 8,620,689 shares
of our common stock in this offering at an assumed public offering price of $5.80, the last reported sale price of our common stock on The Nasdaq Global Market on May&nbsp;18, 2018, and after
deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us. </FONT></DD></DL>
</UL>

<P style="font-family:arial;"><FONT SIZE=2>You
should read this information together with our audited financial statements and related notes incorporated by reference in this prospectus. For more details on how you can obtain our SEC reports
and other information, you should read the section of the prospectus supplement entitled "Where You Can Find More Information." </FONT></P>

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 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="60pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="60pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT  style="font-size:8pt;line-height:9pt;"><B>As of March&nbsp;31, 2018 </B></FONT></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Actual </B></FONT></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT  style="font-size:8pt;line-height:9pt;"><B>As Adjusted<font
style="font-size:6pt;position:relative;top:-2pt;add_sup:2pt;">(1)</font> </B></FONT></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>(in thousands, except share<BR>
and per share data)</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash, cash equivalents and short-term investments</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>127,449</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>174,069 </FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





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 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stockholders' equity:</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Preferred stock&nbsp;&#151; $0.0001 par value&nbsp;&#151; 5,000,000 shares authorized, actual and as adjusted; no shares issued or outstanding, actual and
as adjusted</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Common stock&nbsp;&#151; $0.0001 par value&nbsp;&#151; authorized, 300,000,000 actual and as adjusted; issued and outstanding, 47,603,568 actual and
56,224,257 as adjusted</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>5</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>5</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Additional paid-in capital</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>420,294</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>466,914</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accumulated deficit</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(291,232</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(291,232</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accumulated other comprehensive loss</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(91</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(91</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:27pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total stockholders' equity</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>128,976</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>175,596 </FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:36pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total capitalization</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>128,976</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>175,596 </FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



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 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:arial;"><FONT SIZE=2>


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<TD style="line-height:0.75pt;font-size:0.75pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




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 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



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 </TD>
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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
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 </DIV>
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<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="100%" ALIGN="LEFT" >


<DL compact>
<DT style='font-family:arial;margin-bottom:-9pt;'><FONT  style="font-size:8pt;line-height:9pt;"><font
style="font-size:6pt;position:relative;top:-2pt;add_sup:2pt;">(1)</font></FONT></DT><DD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">Assuming
an issuance of 8,620,689 shares of common stock in this offering, a $1.00 increase (decrease) in the assumed public offering price would
increase (decrease) the as adjusted amount of each of cash, cash equivalents and short-term investments, additional paid-in capital, total stockholders' equity and total capitalization by
approximately $8.1&nbsp;million (based on the assumed public offering price of $5.80 per share) after deducting the estimated underwriting discounts and commissions and estimated offering expenses
payable by us. A 1,000,000 share increase (decrease) in the number of shares offered by us would increase (decrease) the as adjusted amount of each of cash, cash equivalents and short-term
investments, additional paid-in capital, total stockholders' equity and total capitalization by approximately $5.5&nbsp;million, assuming that the public offering price (based on the assumed public
offering price of $5.80 per share) remains the same and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us. The as adjusted information
discussed above is illustrative only and will adjust based on the actual public offering price and other terms of this offering determined at pricing. </FONT></DD></DL>


<P style="font-family:arial;"><FONT SIZE=2>The outstanding share information in the table above is based on 47,603,568 shares of common stock outstanding as of March&nbsp;31, 2018 and excludes the
following, in each case as of such date:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> 5,227,555 shares of common stock issuable upon the exercise of outstanding stock options
having a weighted-average exercise price of $9.61 per share; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>S-13</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=15,EFW="2235783",CP="ARDELYX, INC.",DN="1",CHK=987984,FOLIO='S-13',FILE='DISK116:[18ZBR1.18ZBR13301]DC13301A.;11',USER='CHE108067',CD='21-MAY-2018;13:35' -->
<A NAME="page_dc13301_1_14"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg13301a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> 2,172,899 shares of common stock issuable upon the exercise of outstanding warrants
having an exercise price of $13.91 per share; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> 635,445 shares of common stock issuable upon the settlement of outstanding restricted
stock units; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> 1,000,000 shares of common stock reserved for issuance pursuant to future awards under
our 2016 Employment Commencement Inducement Plan; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> 1,718,410 shares of common stock reserved for issuance pursuant to future awards under
our 2014 Equity Incentive Award Plan, as well as any automatic increases in the number of shares of our common stock reserved for future issuance under this plan; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> 110,080 shares of common stock reserved for future issuance under our Employee Stock
Purchase Plan, as well as any automatic increases in the number of shares of our common stock reserved for future issuance under this plan. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>S-14</FONT></P>

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<!-- ZEQ.=4,SEQ=16,EFW="2235783",CP="ARDELYX, INC.",DN="1",CHK=640191,FOLIO='S-14',FILE='DISK116:[18ZBR1.18ZBR13301]DC13301A.;11',USER='CHE108067',CD='21-MAY-2018;13:35' -->
<UL>
<UL>
</UL>
</UL>
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NAME="page_de13301_1_15"> </A>

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 </FONT></P>

<!-- TOC_END -->

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg13301a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><A
NAME="de13301_dilution"> </A>
<A NAME="toc_de13301_1"> </A>
<BR></FONT><FONT SIZE=2><B>  DILUTION    <BR>    </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>If you invest in our common stock in this offering, your interest will be immediately diluted to the extent of the difference between the public offering price
per share of our common stock in this offering and the net tangible book value per share of our common stock after this offering. As of March&nbsp;31, 2018, we had a historical net tangible book
value of $129.0&nbsp;million, or $2.71 per share of common stock. Our net tangible book value represents total tangible assets less total liabilities and convertible preferred stock, all divided by
the number of shares of common stock outstanding on March&nbsp;31, 2018. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>After
giving effect to the sale of shares of common stock in this offering based on the last reported sale price of our common stock on The Nasdaq Global Market on May&nbsp;18, 2018, or $5.80 per
share, and after deducting the
estimated underwriting discounts and commissions and estimated offering expenses, our as adjusted net tangible book value at March&nbsp;31, 2018 would have been approximately $175.6&nbsp;million,
or $3.12 per share. This represents an immediate increase in as adjusted net tangible book value of $0.41 per share to existing stockholders and an immediate dilution of $2.68 per share to new
investors. The following table illustrates this per share dilution: </FONT></P>

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<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="35pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="35pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
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<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Assumed public offering price per share</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>5.80</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net tangible book value per share as of March&nbsp;31, 2018</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>2.71</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Increase per share attributable to new investors</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>0.41</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>As adjusted net tangible book value per share as of March&nbsp;31, 2018, after giving effect to this offering</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>3.12 </FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Dilution per share to new investors purchasing our common stock in this offering</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>2.68 </FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

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<TD style="line-height:0.75pt;font-size:0.75pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
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<P style="font-family:arial;"><FONT SIZE=2>If
the underwriters fully exercise their option to purchase additional shares, as adjusted net tangible book value after this offering would increase to approximately $3.18 per share, and there would
be an immediate dilution of approximately $2.62 per share to new investors. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Assuming
an issuance of 8,620,689 shares of common stock in this offering, a $1.00 increase (decrease) in the assumed public offering price would increase (decrease) the as adjusted net tangible book
value by approximately $8.1&nbsp;million, or approximately $0.14 per share, and increase (decrease) the dilution per share to new investors by approximately $0.86 per share (based on the assumed
public offering price of $5.80 per share) after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us. An increase (decrease) of 1,000,000 shares
in the number of shares offered by us would increase (decrease) the as adjusted net tangible book value by approximately $5.5&nbsp;million, or $0.04 per share, and would decrease (increase) the
dilution per share to new investors by approximately $0.04 per share, assuming that the assumed public offering price remains the same and after deducting the estimated underwriting discounts and
commissions and estimated offering expenses payable by us. The as adjusted information discussed above is illustrative only and will adjust based on the actual public offering price and other terms of
this offering determined at pricing. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>To
the extent that outstanding options or warrants are exercised, investors purchasing our common stock in this offering will experience further dilution. In addition, we may choose to raise
additional capital due to market conditions or strategic considerations even if we believe we have sufficient funds for our current or future operating plans. To the extent that we raise additional
capital through the sale of equity or convertible debt securities, the issuance of these securities could result in further dilution to our stockholders. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>S-15</FONT></P>

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<A NAME="page_de13301_1_16"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg13301a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
number of shares of common stock to be outstanding after this offering is based on 47,603,568 shares of common stock outstanding as of March&nbsp;31, 2018, and excludes the following, in each
case as of such date:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> 5,227,555 shares of common stock issuable upon the exercise of outstanding stock options
having a weighted-average exercise price of $9.61 per share; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> 2,172,899 shares of common stock issuable upon the exercise of outstanding warrants
having an exercise price of $13.91 per share; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> 635,445 shares of common stock issuable upon the settlement of outstanding restricted
stock units; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> 1,000,000 shares of common stock reserved for issuance pursuant to future awards under
our 2016 Employment Commencement Inducement Plan; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> 1,718,410 shares of common stock reserved for issuance pursuant to future awards under
our 2014 Equity Incentive Award Plan, as well as any automatic increases in the number of shares of our common stock reserved for future issuance under this plan; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> 110,080 shares of common stock reserved for future issuance under our Employee Stock
Purchase Plan, as well as any automatic increases in the number of shares of our common stock reserved for future issuance under this plan. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>S-16</FONT></P>

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<!-- ZEQ.=2,SEQ=18,EFW="2235783",CP="ARDELYX, INC.",DN="1",CHK=891144,FOLIO='S-16',FILE='DISK116:[18ZBR1.18ZBR13301]DE13301A.;12',USER='CHE108067',CD='21-MAY-2018;13:44' -->
<A NAME="page_de13301_1_17"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg13301a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><A
NAME="de13301_price_range_of_common_stock"> </A>
<A NAME="toc_de13301_2"> </A>
<BR></FONT><FONT SIZE=2><B>  PRICE RANGE OF COMMON STOCK    <BR>    </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our common stock commenced trading on The Nasdaq Global Market under the symbol "ARDX" on June&nbsp;19, 2014. Prior to that date, there was no public trading
market for our common stock. The following table sets forth, for the periods indicated, the high and low reported sales prices of our common stock as reported on The Nasdaq Global Market: </FONT></P>

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<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="42pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="42pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT  style="font-size:8pt;line-height:9pt;"><B>High </B></FONT></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Low </B></FONT></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Year ending December&nbsp;31, 2016</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>First Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>17.90</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>6.84</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Second Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>9.81</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>6.36</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Third Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>13.29</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>8.42</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fourth Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>16.30</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>10.55</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Year ending December&nbsp;31, 2017</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>First Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>15.40</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>10.95</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Second Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>14.10</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>4.05</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Third Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>6.20</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>4.28</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fourth Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>8.65</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>4.75</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Year ending December&nbsp;31, 2018</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>First Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>8.10</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>5.02</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Second Quarter (through May&nbsp;18, 2018)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>5.90</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>4.45</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<P style="font-family:arial;"><FONT SIZE=2>The
last reported sale price of our common stock on The Nasdaq Global Market on May&nbsp;18, 2018 was $5.80 per share. As of May&nbsp;18, 2018, there were approximately 36&nbsp;holders of record
of our common stock. This number does not include beneficial owners whose shares are held by nominees in street name. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>S-17</FONT></P>

<HR NOSHADE>
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<A NAME="page_de13301_1_18"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg13301a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><A
NAME="de13301_dividend_policy"> </A>
<A NAME="toc_de13301_3"> </A>
<BR></FONT><FONT SIZE=2><B>  DIVIDEND POLICY    <BR>    </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We have never declared or paid cash dividends on our capital stock. We intend to retain all available funds and any future earnings, if any, to fund the
development and expansion of our business and we do not anticipate paying any cash dividends in the foreseeable future. In addition, unless waived, the terms of our credit facility generally prohibit
us from declaring or paying any cash dividends and other distributions. Any future determination related to dividend policy will be made at the discretion of our board of directors. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>S-18</FONT></P>

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<A NAME="page_de13301_1_19"> </A>


<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg13301a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><A
NAME="de13301_material_u.s._federal_income_t__mat02369"> </A>
<A NAME="toc_de13301_4"> </A>
<BR></FONT><FONT SIZE=2><B>  MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES TO NON-U.S. HOLDERS    <BR>    </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The following discussion is a summary of the material U.S. federal income tax consequences to Non-U.S. Holders (as defined below) of the purchase, ownership
and disposition of our common stock issued pursuant to this offering, but does not purport to be a complete analysis of all potential tax effects. The effects of other U.S. federal tax laws, such as
estate and gift tax laws, and any applicable state, local or non-U.S. tax laws are not discussed. This discussion is based on the U.S. Internal Revenue Code of 1986, as amended (the "Code"), Treasury
Regulations promulgated thereunder, judicial decisions, and published rulings and administrative pronouncements of the U.S. Internal Revenue Service (the "IRS"), in each case in effect as of the date
hereof. These authorities may change or be subject to differing interpretations. Any such change or differing interpretation may be applied retroactively in a manner that could adversely affect a
Non-U.S. Holder. We have not sought and will not seek any rulings from the IRS regarding the matters discussed below. There can be no assurance the IRS or a court will not take a contrary position to
that discussed below regarding the tax consequences of the purchase, ownership and disposition of our common stock. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>This
discussion is limited to Non-U.S. Holders that hold our common stock as a "capital asset" within the meaning of Section&nbsp;1221 of the Code (generally, property held for investment). This
discussion does not address all U.S. federal income tax consequences relevant to a Non-U.S. Holder's particular circumstances, including the impact of the Medicare contribution tax on net investment
income. In addition, it does not address consequences relevant to Non-U.S. Holders subject to special rules, including, without
limitation:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> U.S. expatriates and former citizens or long-term residents of the United States; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> persons subject to the alternative minimum tax; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> persons holding our common stock as part of a hedge, straddle or other risk reduction
strategy or as part of a conversion transaction or other integrated investment; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> banks, insurance companies, and other financial institutions; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> brokers, dealers or traders in securities; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> "controlled foreign corporations," "passive foreign investment companies," and
corporations that accumulate earnings to avoid U.S. federal income tax; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> partnerships or other entities or arrangements treated as partnerships for U.S. federal
income tax purposes (and investors therein); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> tax-exempt organizations or governmental organizations; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> persons deemed to sell our common stock under the constructive sale provisions of the
Code; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> tax-qualified retirement plans. </FONT></DD></DL>
</UL>

<P style="font-family:arial;"><FONT SIZE=2>If
an entity treated as a partnership for U.S. federal income tax purposes holds our common stock, the tax treatment of a partner in the partnership will depend on the status of the partner, the
activities of the partnership and certain determinations made at the partner level. Accordingly, partnerships holding our common stock and the partners in such partnerships should consult their tax
advisors regarding the U.S. federal income tax consequences to them. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><B>INVESTORS SHOULD CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS TO THEIR PARTICULAR SITUATIONS AS WELL AS ANY TAX CONSEQUENCES OF
THE PURCHASE, OWNERSHIP AND DISPOSITION OF OUR COMMON STOCK ARISING UNDER THE U.S. FEDERAL ESTATE OR GIFT TAX LAWS OR UNDER THE LAWS OF ANY STATE, LOCAL OR NON-U.S. TAXING JURISDICTION OR UNDER ANY
APPLICABLE INCOME TAX TREATY.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>S-19</FONT></P>

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Definition of a Non-U.S. Holder  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>For purposes of this discussion, a "Non-U.S. Holder" is any beneficial owner of our common stock that is neither a "U.S. person" nor an entity treated as a
partnership for U.S. federal income tax purposes. A U.S. person is any person that, for U.S. federal income tax purposes, is or is treated as any of the following:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> an individual who is a citizen or resident of the United States; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> a corporation created or organized under the laws of the United States, any state thereof
or the District of Columbia; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> an estate, the income of which is subject to U.S. federal income tax regardless of its
source; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> a trust that (1)&nbsp;is subject to the primary supervision of a U.S. court and all
substantial decisions of which are subject to the control of one or more "United States persons" (within the meaning of Section&nbsp;7701(a)(30) of the Code), or (2)&nbsp;has a valid election in
effect to be treated as a United States person for U.S. federal income tax purposes. </FONT></DD></DL>
</UL>

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Distributions  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>As described above in the section entitled "Dividend Policy," we do not anticipate paying any cash dividends in the foreseeable future. However, if we do make
distributions of cash or property on our common stock, such distributions will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and
profits, as determined under U.S. federal income tax principles. Amounts not treated as dividends for U.S. federal income tax purposes will constitute a return of capital and first be applied against
and reduce a Non-U.S. Holder's adjusted tax basis in its common stock, but not below zero. Any excess will be treated as capital gain and will be treated as described below under "&#151; Sale
or Other Taxable Disposition." </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Subject
to the discussion below on effectively connected income, dividends paid to a Non-U.S. Holder will be subject to U.S. federal withholding tax at a rate of 30% of the gross amount of the
dividends (or such lower rate specified by an applicable income tax treaty, provided the Non-U.S. Holder furnishes a valid IRS Form&nbsp;W-8BEN or W-8BEN-E (or other applicable documentation)
certifying qualification for the lower treaty rate). A Non-U.S. Holder that does not timely furnish the required documentation, but that qualifies for a reduced treaty rate, may obtain a refund of any
excess amounts withheld by timely filing an appropriate claim for refund with the IRS. Non-U.S. Holders should consult their tax advisors regarding their entitlement to benefits under any applicable
income tax treaty. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>If
dividends paid to a Non-U.S. Holder are effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States (and, if required by an applicable income tax
treaty, the Non-U.S. Holder maintains a permanent establishment in the United States to which such dividends are attributable), the Non-U.S. Holder will be exempt from the U.S. federal withholding tax
described above. To claim the exemption, the Non-U.S. Holder must furnish to the applicable withholding agent a valid IRS Form&nbsp;W-8ECI, certifying that the dividends are effectively connected
with the Non-U.S. Holder's conduct of a trade or business within the United States. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Any
such effectively connected dividends will be subject to U.S. federal income tax on a net income basis at the regular graduated rates. A Non-U.S. Holder that is a corporation also may be subject to
a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on such effectively connected dividends, as adjusted for certain items. Non-U.S. Holders should
consult their tax advisors regarding any applicable tax treaties that may provide for different rules. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>S-20</FONT></P>

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Sale or Other Taxable Disposition  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Subject to the discussions below under "&#151; Information Reporting and Backup Withholding" and "&#151;&nbsp;Additional Withholding Tax on
Payments Made to Foreign Accounts," a Non-U.S. Holder will not be subject to U.S. federal income or withholding tax on any gain realized upon the sale or other taxable disposition of our common stock
unless:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the gain is effectively connected with the Non-U.S. Holder's conduct of a trade or
business within the United States (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment in the United States to which such gain is
attributable); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the Non-U.S. Holder is a nonresident alien individual present in the United States for
183&nbsp;days or more during the taxable year of the disposition and certain other requirements are met; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> our common stock constitutes a U.S. real property interest, or USRPI, by reason of our
status as a U.S. real property holding corporation, or USRPHC, for U.S. federal income tax purposes. </FONT></DD></DL>
</UL>

<P style="font-family:arial;"><FONT SIZE=2>Gain
described in the first bullet point above generally will be subject to U.S. federal income tax on a net income basis at the regular graduated rates. A Non-U.S. Holder that is a corporation also
may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on such effectively connected gain, as adjusted for certain items. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Gain
described in the second bullet point above will be subject to U.S. federal income tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty), which may be offset by
certain U.S. source capital losses of the Non-U.S. Holder (even though the individual is not considered a resident of the United States), provided the Non-U.S. Holder has timely filed U.S. federal
income tax returns with respect to such losses. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>With
respect to the third bullet point above, we believe we currently are not, and do not anticipate becoming, a USRPHC. Because the determination of whether we are a USRPHC depends, however, on the
fair market value of our USRPIs relative to the fair market value of our non-U.S. real property interests and our other business assets, there can be no assurance we currently are not a USRPHC or will
not become one in the future. Even if we are or were to become a USRPHC, gain arising from the sale or other taxable disposition by a Non-U.S. Holder of our common stock will not be subject to U.S.
federal income tax if our common stock is "regularly traded," as defined by applicable Treasury Regulations, on an established securities market, and such Non-U.S. Holder owned, actually and
constructively, 5% or less of our common stock throughout the shorter of the five-year period ending on the date of the sale or other taxable disposition or the Non-U.S. Holder's holding period. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Non-U.S.
Holders should consult their tax advisors regarding any applicable tax treaties that may provide for different rules. </FONT></P>

<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


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Information Reporting and Backup Withholding  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Payments of dividends on our common stock will not be subject to backup withholding, provided the applicable withholding agent does not have actual knowledge
or reason to know the holder is a United States person and the holder either certifies its non-U.S. status, such as by furnishing a valid IRS Form&nbsp;W-8BEN, W-8BEN-E or W-8ECI, or otherwise
establishes an exemption. However, information returns are required to be filed with the IRS in connection with any dividends on our common stock paid to the Non-U.S. Holder, regardless of whether any
tax was actually withheld. In addition, proceeds of the sale or other taxable disposition of our common stock within the United States or conducted through certain U.S.-related brokers generally will
not be subject to backup withholding or information reporting, if the applicable withholding agent receives the certification described above and does not have actual knowledge or reason to know that
such holder is a United States person, or the holder otherwise establishes an exemption. Proceeds of a disposition of our common stock conducted through a non-U.S. office of a </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>S-21</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>non-U.S.
broker that does not have certain enumerated relationships with the United States generally will not be subject to backup withholding or information reporting. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Copies
of information returns that are filed with the IRS may also be made available under the provisions of an applicable treaty or agreement to the tax authorities of the country in which the
Non-U.S. Holder resides or is established. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>Backup
withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against a Non-U.S. Holder's U.S. federal income tax
liability, provided the required information is timely furnished to the IRS. </FONT></P>

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Additional Withholding Tax on Payments Made to Foreign Accounts  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Withholding taxes may be imposed under Sections&nbsp;1471 to 1474 of the Code (such Sections commonly referred to as the Foreign Account Tax Compliance Act,
or "FATCA") on certain types of payments made to non-U.S. financial institutions and certain other non-U.S. entities. Specifically, a 30% withholding tax may be imposed on dividends on, or gross
proceeds from the sale or other disposition of, our common stock paid to a "foreign financial institution" or a "non-financial foreign entity" (each as defined in the Code), unless (1)&nbsp;the
foreign financial institution undertakes certain diligence and reporting obligations, (2)&nbsp;the non-financial foreign entity either certifies it does not have any "substantial United States
owners" (as defined in the Code) or furnishes identifying information regarding each substantial United States owner, or (3)&nbsp;the foreign financial institution or non-financial foreign entity
otherwise qualifies for an exemption from these rules. If the payee is a foreign financial institution and is subject to the diligence and reporting obligations in (1)&nbsp;above, it must enter into
an agreement with the U.S. Department of the Treasury requiring, among other things, that it undertake to identify accounts held by certain "specified United States persons" or "United States-owned
foreign entities" (each as defined in the Code), annually report certain information about such accounts, and withhold 30% on certain payments to non-compliant foreign financial institutions and
certain other account holders. Foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA may be subject to different
rules. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Under
the applicable Treasury Regulations and administrative guidance, withholding under FATCA generally applies to payments of dividends on our common stock, and will apply to payments of gross
proceeds from the sale or other disposition of such stock on or after January&nbsp;1, 2019. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Prospective
investors should consult their tax advisors regarding the potential application of withholding under FATCA to their investment in our common stock. </FONT></P>

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<BR></FONT><FONT SIZE=2><B>  UNDERWRITING    <BR>    </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Subject to the terms and conditions set forth in the underwriting agreement, to be entered into among us, Jefferies&nbsp;LLC and Leerink Partners&nbsp;LLC,
as the representatives of the underwriters named below and the joint book-running managers of this offering, we have agreed to sell to the underwriters, and each of the underwriters has agreed,
severally and not jointly, to purchase from us, the respective number of shares of common stock shown opposite its name below: </FONT></P>

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<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Number of Shares </B></FONT></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Jefferies&nbsp;LLC</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Leerink Partners&nbsp;LLC</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


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<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
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<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
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<P style="font-family:arial;"><FONT SIZE=2>The
underwriting agreement provides that the obligations of the several underwriters are subject to certain conditions precedent such as the receipt by the underwriters of officers' certificates and
legal opinions and approval of certain legal matters by their counsel. The underwriting agreement provides that the underwriters will purchase all of the shares of common stock if any of them are
purchased. If an underwriter defaults, the underwriting agreement provides that the purchase commitments of the nondefaulting underwriters may be increased or the underwriting agreement may be
terminated. We have agreed to indemnify the underwriters and certain of their controlling persons against certain liabilities, including liabilities under the Securities Act, and to contribute to
payments that the underwriters may be required to make in respect of those liabilities. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
underwriters have advised us that, following the completion of this offering, they currently intend to make a market in the common stock as permitted by applicable laws and regulations. However,
the underwriters are not obligated to do so, and the underwriters may discontinue any market-making activities at any time without notice in their sole discretion. Accordingly, no assurance can be
given as to the liquidity of the trading market for the common stock, that you will be able to sell any of the common stock held by you at a particular time or that the prices that you receive when
you sell will be favorable. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
underwriters are offering the shares of common stock subject to their acceptance of the shares of common stock from us and subject to prior sale. The underwriters reserve the right to withdraw,
cancel or modify offers to the public and to reject orders in whole or in part. </FONT></P>

<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


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Commission and Expenses  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The underwriters have advised us that they propose to offer the shares of common stock to the public at the initial public offering price set forth on the
cover page of this prospectus and to certain dealers, which may include the underwriters, at that price less a concession not in excess of $ per share of common stock. The underwriters may allow, and
certain dealers may reallow, a discount from the concession not in excess of $ per share of common stock to certain brokers and dealers. After the offering, the initial public offering price,
concession and reallowance to dealers may be reduced by the representatives. No such reduction will change the amount of proceeds to be received by us as set forth on the cover page of this prospectus
supplement. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
following table shows the public offering price, the underwriting discounts and commissions that we are to pay the underwriters and the proceeds, before expenses, to us in connection with this
offering. Such amounts are shown assuming both no exercise and full exercise of the underwriters' option to purchase additional shares. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>S-23</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg13301a_main_toc">Table of Contents</A></FONT></P>

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<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="49pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="49pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="49pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="49pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
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<TH ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Per Share </B></FONT></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Total </B></FONT></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Without<BR>
Option to<BR>
Purchase<BR>
Additional<BR>
Shares </B></FONT></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT  style="font-size:8pt;line-height:9pt;"><B>With<BR>
Option to<BR>
Purchase<BR>
Additional<BR>
Shares </B></FONT></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Without<BR>
Option to<BR>
Purchase<BR>
Additional<BR>
Shares </B></FONT></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT  style="font-size:8pt;line-height:9pt;"><B>With<BR>
Option to<BR>
Purchase<BR>
Additional<BR>
Shares </B></FONT></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Public offering price</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Underwriting discounts and commissions paid by us</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Proceeds to us, before expenses</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<P style="font-family:arial;"><FONT SIZE=2>We
estimate expenses payable by us in connection with this offering, other than the underwriting discounts and commissions referred to above, will be approximately $380,000. </FONT></P>

<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>



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Listing  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our common stock is listed on The Nasdaq Global Market under the trading symbol "ARDX." </FONT></P>

<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


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Option to Purchase Additional Shares  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We have granted to the underwriters an option, exercisable for 30&nbsp;days from the date of this prospectus, to purchase, from time to time, in whole or in
part, up to an aggregate of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares from us at the public offering price set forth on the cover page of this prospectus, less
underwriting discounts and commissions. If the underwriters
exercise this option, each underwriter will be obligated, subject to specified conditions, to purchase a number of additional shares proportionate to that underwriter's initial purchase commitment as
indicated in the table above. </FONT></P>

<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


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No Sales of Similar Securities  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We, our officers and directors (for the avoidance of doubt, not including any entities affiliated with New Enterprise Associates) have agreed, subject to
specified exceptions, not to directly or indirectly:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase
any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, or file with the Securities and Exchange Commission a
registration statement under the Securities Act relating to, any shares of our common stock or any securities convertible into or exercisable or exchangeable for our common stock, or publicly disclose
the intention to make any offer, sale, pledge, disposition or filing, or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> enter into any swap or other agreement that transfers, in whole or in part, any of the
economic consequences of ownership of common stock or any such other securities, or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> make any demand for, or exercise any right with respect to, the registration under the
Securities Act of the offer and sale of any shares or any of the economic consequences of ownership of common stock or any such other securities currently or hereafter owned either of record or
beneficially by the undersigned or such family member, or cause to be filed a registration statement, prospectus or prospectus supplement (or an amendment or supplement thereto) with respect to any
such registration, or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> publicly announce an intention to do any of the foregoing for a period of 60&nbsp;days
after the date of this prospectus supplement without the prior written consent of the representatives. </FONT></DD></DL>
</UL>

<P style="font-family:arial;"><FONT SIZE=2>This
restriction terminates after the close of trading of the common stock on and including the 60<SUP>th</SUP>&nbsp;day after the date of this prospectus supplement. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>S-24</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg13301a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
foregoing restrictions shall not apply to us with respect to (a)&nbsp;the shares of our common stock to be sold hereunder, (b)&nbsp;the issuance by us of shares of common stock upon the
exercise of an option or warrant (whether by cash exercise or "net" or "cashless exercise") or the conversion of outstanding securities, in each case that is described in or issued pursuant to our
equity incentive award plans, (c)&nbsp;the issuance of equity-based awards pursuant to the our equity incentive award plans, (d)&nbsp;the filing of a registration statement on Form&nbsp;S-8
relating to the shares of common stock granted, or options to purchase, pursuant to or reserved for issuance under our equity incentive award plans and (e)&nbsp;the sale or issuance of or entry into
an agreement to sell or issue shares of common stock or securities convertible into or exercisable or exchangeable for common stock in connection with (1)&nbsp;an equipment leasing arrangement or
debt financing facility, (2)&nbsp;mergers, (3)&nbsp;acquisition of securities, businesses, proper or other assets, (4)&nbsp;joint ventures or (5)&nbsp;strategic alliances; provided, that the
aggregate number of shares of common stock or securities convertible into or exercisable for common stock (on an as-converted or as-exercised basis, as the case may be) that we may sell or issue or
agree to sell or issue pursuant to this clause&nbsp;(e) shall not
exceed 5.0% of the total number of shares of common stock issued and outstanding immediately following the completion of this offering; and provided further, that each recipient of shares of common
stock or securities convertible into or exercisable for common stock pursuant to this clause&nbsp;(e) shall execute a lock-up agreement. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
foregoing restrictions shall not apply to our officers and directors with respect to (a)&nbsp;the shares of our common stock to be sold hereunder; (b)&nbsp;the transfer of shares or related
securities (i)&nbsp;by bona fide gift or gifts, will or intestacy, (ii)&nbsp;to a family member or any trust or entity formed for estate planning purposes, (iii)&nbsp;where the stockholder is a
corporation, partnership or other business entity, as a distribution to partners, members or stockholders or a transfer to affiliates, or (iv)&nbsp;where the stockholder is a trust, to a trustor or
beneficiary of the trust; (c)&nbsp;the transfer of shares or related securities upon a vesting event or upon the exercise or conversion of options or warrants to purchase the Company's securities,
in each case, on a "cashless" or "net exercise" basis or to cover tax withholding obligations of the undersigned in connection with such vesting or exercise; (d)&nbsp;the transfer of shares or
related securities by operation of law; (e)&nbsp;the transfer of shares or related securities pursuant to agreements under which the Company has either the option to repurchase or a right of first
refusal with respect to such shares or related securities of the Company; (f)&nbsp;the transfer of shares or related securities pursuant to a bona fide third party tender offer, merger,
consolidation or other similar transaction made to all holders of shares or related securities involving a change of control of the Company; (g)&nbsp;selling shares or related securities pursuant to
an existing 10b5-1 trading plan; and (h)&nbsp;establishing a 10b5-1 trading plan, provided that such plan does not allow for the sale of any shares or related securities during the lock-up period. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
representatives may, in their discretion and at any time or from time to time before the termination of the 60-day period release all or any portion of the securities subject to lock-up
agreements. There are no existing agreements between the underwriters and any of our shareholders who will execute a lock-up agreement, providing consent to the sale of shares prior to the expiration
of the lock-up period. </FONT></P>

<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


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Stabilization  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The underwriters have advised us that they may engage in short sale transactions, stabilizing transactions, syndicate covering transactions or the imposition
of penalty bids in connection with this offering. These activities may have the effect of stabilizing or maintaining the market price of the common stock at a level above that which might otherwise
prevail in the open market. Establishing short sales positions may involve either "covered" short sales or "naked" short sales. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>"Covered"
short sales are sales made in an amount not greater than the underwriters' option to purchase additional shares of our common stock in this offering. The underwriters may close out any
covered short position by either exercising their option to purchase additional shares of our common stock or purchasing shares of our common stock in the open market. In determining the source of
shares to close out the covered short position, the underwriters will consider, among other things, the price of shares available for </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>S-25</FONT></P>

<HR NOSHADE>
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<P style="font-family:arial;"><FONT SIZE=2>purchase
in the open market as compared to the price at which they may purchase shares through the option to purchase additional shares. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>"Naked"
short sales are sales in excess of the option to purchase additional shares of our common stock. The underwriters must close out any naked short position by purchasing shares in the open
market. A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price of the shares of our common stock in the open market
after pricing that could adversely affect investors who purchase in this offering. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>A
stabilizing bid is a bid for the purchase of shares of common stock on behalf of the underwriters for the purpose of fixing or maintaining the price of the common stock. A syndicate covering
transaction is the bid for or the purchase of shares of common stock on behalf of the underwriters to reduce a short position incurred by the underwriters in connection with the offering. Similar to
other purchase transactions, the underwriter's purchases to cover the syndicate short sales may have the effect of raising or maintaining the market price of our common stock or preventing or
retarding a decline in the market price of our common stock. As a result, the price of our common stock may be higher than the price that might otherwise exist in the open market. A penalty bid is an
arrangement permitting the underwriters to reclaim the selling concession otherwise accruing to a syndicate member in connection with the offering if the common stock originally sold by such syndicate
member are purchased in a syndicate covering transaction and therefore have not been effectively placed by such syndicate member. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>None
of the underwriters make any representation or prediction as to the direction or magnitude of any effect that the transactions described above may have on the price of our common stock. The
underwriters are not obligated to engage in these activities and, if commenced, any of the activities may be discontinued at any time. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
underwriters may also engage in passive market making transactions in our common stock on The Nasdaq Global Market in accordance with Rule&nbsp;103 of Regulation&nbsp;M during a period before
the commencement of offers or sales of shares of our common stock in this offering and extending through the completion of distribution. A passive market maker must display its bid at a price not in
excess of the highest independent bid of that security. However, if all independent bids are lowered below the passive market maker's bid, that bid must then be lowered when specified purchase limits
are exceeded. </FONT></P>

<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


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Electronic Distribution  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>A prospectus in electronic format may be made available by e-mail or through online services maintained by one or more of the underwriters or their affiliates.
In those cases, prospective investors may view offering terms online and may be allowed to place orders online. The underwriters may agree with us to allocate a specific number of shares of common
stock for sale to online brokerage account holders. Any such allocation for online distributions will be made by the underwriters on the same basis as other allocations. Other than the prospectus in
electronic format, the information on the underwriters' web sites and any information contained in any other web site maintained by any of the underwriters is not part of this prospectus, has not been
approved and/or endorsed by us or the underwriters and should not be relied upon by investors. </FONT></P>

<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


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Other Activities and Relationships  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The underwriter and certain of its affiliates are full service financial institutions engaged in various activities, which may include securities trading,
commercial and investment banking, financial advisory, investment management, investment research, principal investment, hedging, financing and brokerage activities. The underwriter and certain of its
affiliates have, from time to time, performed, and may in the future perform, various commercial and investment banking and financial advisory services for us and our affiliates, for which they
received or will receive customary fees and expenses. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>S-26</FONT></P>

<HR NOSHADE>
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<P style="font-family:arial;"><FONT SIZE=2>In
the ordinary course of their various business activities, the underwriter and certain of its affiliates may make or hold a broad array of investments and actively trade debt and equity securities
(or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers, and such investment and securities activities may
involve securities and/or instruments issued by us and our affiliates. If the underwriters or their respective affiliates have a lending relationship with us, they routinely hedge their credit
exposure to us consistent with their customary risk management policies. The underwriters and their respective affiliates may hedge such exposure by entering into transactions which consist of either
the purchase of credit default swaps or the creation of short positions in our securities or the securities of our affiliates, including potentially the common stock offered hereby. Any such short
positions could adversely affect future trading prices of the common stock offered hereby. The underwriters and certain of their respective affiliates may also communicate independent investment
recommendations, market color or trading ideas and/or publish or express independent research views in respect of such securities or instruments and may at any time hold, or recommend to clients that
they acquire, long and/or short positions in such securities and instruments. </FONT></P>

<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


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Disclaimers About Non-U.S. Jurisdictions  </B></FONT></P>

<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


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General  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Other than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the securities offered by this
prospectus supplement in any jurisdiction where action for that purpose is required. The securities offered by this prospectus supplement may not be offered or sold, directly or indirectly, nor may
this prospectus supplement or any other offering material or advertisements in connection with the offer and sale of any such securities be distributed or published in any jurisdiction, except under
circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus supplement comes are advised to inform
themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus supplement. This prospectus supplement does not constitute an offer to sell or a
solicitation of an offer to buy any securities offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful. </FONT></P>

<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


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Notice to Prospective Investors in the European Economic Area  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In relation to each Member State of the European Economic Area which has implemented the Prospectus Directive (each, a "</FONT><FONT SIZE=2><B>Relevant Member
State</B></FONT><FONT SIZE=2>"), with effect from and including the date on which the Prospectus Directive is implemented in that Relevant Member State, no offer of shares may be made to the public in
that Relevant Member State other than: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>A.</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2>to
any legal entity which is a qualified investor as defined in the Prospectus Directive;
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>B.</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2>to
fewer than 150 natural or legal persons (other than qualified investors as defined in the Prospectus Directive), subject to obtaining the prior consent of the
underwriters; or
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>C.</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2>in
any other circumstances falling within Article&nbsp;3(2) of the Prospectus Directive, </FONT></DD></DL>
</UL>

<P style="font-family:arial;"><FONT SIZE=2>provided
that no such offer of shares shall require the Company or any underwriter to publish a prospectus pursuant to Article&nbsp;3 of the Prospectus Directive or supplement a prospectus pursuant
to Article&nbsp;16 of the Prospectus Directive and each person who initially acquires any shares or to whom any offer is made will be deemed to have represented, acknowledged and agreed to and with
each of the underwriters and the Company that it is a "qualified investor" within the meaning of the law in that Relevant Member State implementing Article&nbsp;2(1)(e) of the Prospectus Directive. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In
the case of any shares being offered to a financial intermediary as that term is used in Article&nbsp;3(2) of the Prospectus Directive, each such financial intermediary will be deemed to have
represented, acknowledged and agreed that the shares acquired by it in the offer have not been acquired on a non-discretionary basis </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>S-27</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>on
behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise to an offer of any shares to the public other than their offer or resale
in a Relevant Member State to qualified investors as so defined or in circumstances in which the prior consent of the representatives has been obtained to each such proposed offer or resale. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>For
the purposes of this provision, the expression an "</FONT><FONT SIZE=2><B>offer of shares to the public</B></FONT><FONT SIZE=2>" in relation to any shares in any Relevant Member State means the
communication in any form and by means of sufficient information on the terms of the offer and the shares to be offered so as to enable an investor to decide to purchase shares, as the same may be
varied in that Member State by any measure implementing the Prospectus Directive in that Member State, the expression "Prospectus Directive" means Directive&nbsp;2003/71/EC (as amended, including by
Directive 2010/73/EU), and includes any relevant implementing measure in the Relevant Member State. </FONT></P>


<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


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Notice to Prospective Investors in the United Kingdom  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In addition, in the United Kingdom, this document is being distributed only to, and is directed only at, and any offer subsequently made may only be directed
at persons who are "qualified investors"
(as defined in the Prospectus Directive) (i)&nbsp;who have professional experience in matters relating to investments falling within Article&nbsp;19(5) of the Financial Services and Markets Act
2000 (Financial Promotion) Order 2005, as amended (the "Order") and/or (ii)&nbsp;who are high net worth companies (or persons to whom it may otherwise be lawfully communicated) falling within
Article&nbsp;49(2)(a) to (d)&nbsp;of the Order (all such persons together being referred to as "relevant persons") or otherwise in circumstances which have not resulted and will not result in an
offer to the public of the shares in the United Kingdom within the meaning of the Financial Services and Markets Act 2000. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Any
person in the United Kingdom that is not a relevant person should not act or rely on the information included in this document or use it as basis for taking any action. In the United Kingdom, any
investment or investment activity that this document relates to may be made or taken exclusively by relevant persons. </FONT></P>


<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


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Notice to Prospective Investors in Canada  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The shares may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National
Instrument&nbsp;45-106 Prospectus Exemptions or subsection&nbsp;73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument&nbsp;31-103 Registration
Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the shares must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements
of applicable securities laws. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Securities
legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment thereto) contains a
misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or
territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal
advisor. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Pursuant
to section&nbsp;3A.3 of National Instrument&nbsp;33-105 Underwriting Conflicts (NI&nbsp;33-105), the underwriters are not required to comply with the disclosure requirements of
NI&nbsp;33-105 regarding underwriter conflicts of interest in connection with this offering. </FONT></P>


<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


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Notice to Prospective Investors in Switzerland  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The shares may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange, or SIX, or on any other stock exchange or regulated
trading facility in Switzerland. This document does not constitute a prospectus within the meaning of, and has been prepared without regard to the disclosure </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>S-28</FONT></P>

<HR NOSHADE>
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<P style="font-family:arial;"><FONT SIZE=2>standards
for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the
listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering or marketing material relating to the shares or the offering may be
publicly distributed or otherwise made publicly available in Switzerland. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Neither
this document nor any other offering or marketing material relating to the offering, the Company, the shares have been or will be filed with or approved by any Swiss regulatory authority. In
particular, this document will not be filed with, and the offer of shares will not be supervised by, the Swiss Financial Market Supervisory Authority FINMA, or FINMA, and the offer of shares has not
been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes, or CISA. The investor protection afforded to acquirers of interests in collective investment schemes under
the CISA does not extend to acquirers of shares. </FONT></P>

<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


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Notice to Prospective Investors in Australia  </B></FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>This document:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> does not constitute a product disclosure document or a prospectus under
Chapter&nbsp;6D.2 of the Corporations Act 2001 (Cth) (the "Corporations Act"); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> has not been, and will not be, lodged with the Australian Securities and Investments
Commission, or ASIC, as a disclosure document for the purposes of the Corporations Act and does not purport to include the information required of a disclosure document under Chapter&nbsp;6D.2 of
the Corporations Act; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> does not constitute or involve a recommendation to acquire, an offer or invitation for
issue or sale, an offer or invitation to arrange the issue or sale, or an issue or sale, of interests to a "retail client" (as defined in section&nbsp;761G of the Corporations Act and applicable
regulations) in Australia; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> may only be provided in Australia to select investors who are able to demonstrate that
they fall within one or more of the categories of investors, or Exempt Investors, available under section&nbsp;708 of the Corporations Act. </FONT></DD></DL>
</UL>

<P style="font-family:arial;"><FONT SIZE=2>The
shares may not be directly or indirectly offered for subscription or purchased or sold, and no invitations to subscribe for or buy the shares may be issued, and no draft or definitive offering
memorandum, advertisement or other offering material relating to any shares may be distributed in Australia, except where disclosure to investors is not required under Chapter&nbsp;6D of the
Corporations Act or is otherwise in compliance with all applicable Australian laws and regulations. By submitting an application for the shares, you represent and warrant to us that you are an Exempt
Investor. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>As
any offer of shares under this document will be made without disclosure in Australia under Chapter&nbsp;6D.2 of the Corporations Act, the offer of those securities for resale in Australia within
12&nbsp;months may, under section&nbsp;707 of the Corporations Act, require disclosure to investors under Chapter&nbsp;6D.2 if none of the exemptions in section&nbsp;708 applies to that
resale. By applying for the shares, you undertake to us that you will not, for a period of 12&nbsp;months from the date of issue of the shares, offer, transfer, assign or otherwise alienate those
securities to investors in Australia except in circumstances where disclosure to investors is not required under Chapter&nbsp;6D.2 of the Corporations Act or where a compliant disclosure document is
prepared and lodged with ASIC. </FONT></P>

<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


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Notice to Prospective Investors in Japan  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The shares have not been and will not be registered pursuant to Article&nbsp;4, Paragraph&nbsp;1 of the Financial Instruments and Exchange Act.
Accordingly, none of the shares nor any interest therein may be offered or sold, directly or indirectly, in Japan or to, or for the benefit of, any "resident" of Japan (which term as used herein means
any person resident in Japan, including any corporation or other entity organized under the laws of Japan), or to others for re-offering or resale, directly or indirectly, in Japan or to or for the
benefit of </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>S-29</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>a
resident of Japan, except pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the Financial Instruments and Exchange Act and any other applicable laws,
regulations and ministerial guidelines of Japan in effect at the relevant time. </FONT></P>

<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


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Notice to Prospective Investors in Hong Kong  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The shares have not been offered or sold and will not be offered or sold in Hong Kong, by means of any document, other than (a)&nbsp;to "professional
investors" as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance; or (b)&nbsp;in other circumstances which do not result in the document
being a "prospectus" as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32)&nbsp;of Hong Kong or which do not constitute an offer to the public within the meaning
of that Ordinance. No advertisement, invitation or document relating to the shares has been or may be issued or has been or may be in the possession of any person for the purposes of issue, whether in
Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong
Kong) other than with respect to shares which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" as defined in the Securities and Futures
Ordinance and any rules made under that Ordinance. </FONT></P>

<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


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Notice to Prospective Investors in Singapore  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>This prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or
material in connection with the offer or sale, or invitation for subscription or purchase, of shares may not be circulated or distributed, nor may the shares be offered or sold, or be made the subject
of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i)&nbsp;to an institutional investor under Section&nbsp;274 of the Securities and
Futures Act, Chapter&nbsp;289 of Singapore (the "SFA"), (ii)&nbsp;to a relevant person pursuant to Section&nbsp;275(1), or any person pursuant to Section&nbsp;275(1A), and in accordance with
the conditions specified in Section&nbsp;275 of the SFA, or (iii)&nbsp;otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Where
the shares are subscribed or purchased under Section&nbsp;275 of the SFA by a relevant person which is: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2>a
corporation (which is not an accredited investor (as defined in Section&nbsp;4A of the SFA)) the sole business of which is to hold investments and the entire
share capital of which is owned by one or more individuals, each of whom is an accredited investor; or
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2>a
trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an
accredited investor, </FONT></DD></DL>
</UL>

<P style="font-family:arial;"><FONT SIZE=2>securities
(as defined in Section&nbsp;239(1) of the SFA) of that corporation or the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferred within six months
after that corporation or that trust has acquired the shares pursuant to an offer made under Section&nbsp;275 of the SFA except: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2>to
an institutional investor or to a relevant person defined in Section&nbsp;275(2) of the SFA, or to any person arising from an offer referred to in
Section&nbsp;275(1A) or Section&nbsp;276(4)(i)(B) of the SFA;
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2>where
no consideration is or will be given for the transfer;
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2>where
the transfer is by operation of law;
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2>as
specified in Section&nbsp;276(7) of the SFA; or
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2>as
specified in Regulation&nbsp;32 of the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations&nbsp;2005 of Singapore </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>S-30</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg13301a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><A
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<A NAME="toc_dg13301_2"> </A>
<BR></FONT><FONT SIZE=2><B>  LEGAL MATTERS    <BR>    </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The validity of the issuance of our common stock offered hereby will be passed upon for us by Latham&nbsp;&amp; Watkins&nbsp;LLP, Menlo Park, California. Davis
Polk&nbsp;&amp; Wardwell&nbsp;LLP is acting as counsel for the underwriters in connection with this offering. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><A
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<A NAME="toc_dg13301_3"> </A>
<BR></FONT><FONT SIZE=2><B>  EXPERTS    <BR>    </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Ernst&nbsp;&amp; Young&nbsp;LLP, independent registered public accounting firm, has audited our consolidated financial statements included in our Annual Report
on Form&nbsp;10-K for the year ended December&nbsp;31, 2017, as set forth in their report, which is incorporated by reference in this prospectus supplement and elsewhere in the registration
statement. Our financial statements are incorporated by reference in reliance on Ernst&nbsp;&amp; Young&nbsp;LLP's report, given on their authority as experts in accounting and auditing. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>S-31</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg13301a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><A
NAME="dg13301_where_you_can_find_more_information"> </A>
<A NAME="toc_dg13301_4"> </A>
<BR></FONT><FONT SIZE=2><B>  WHERE YOU CAN FIND MORE INFORMATION    <BR>    </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We have filed with the SEC a registration statement on Form&nbsp;S-3 under the Securities Act, of which this prospectus forms&nbsp;a part. The rules and
regulations of the SEC allow us to omit from this prospectus certain information included in the registration statement. For further information about us and the securities we are offering under this
prospectus, you should refer to the registration statement and the exhibits and schedules filed with the registration statement. With respect to the statements contained in this prospectus regarding
the contents of any agreement or any other document, in each instance, the statement is qualified in all respects by the complete text of the agreement or document, a copy of which has been filed as
an exhibit to the registration statement. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
file reports, proxy statements and other information with the SEC under the Exchange Act. You may read and copy this information from the Public Reference Room of the SEC, 100&nbsp;F Street,
N.E., Room&nbsp;1580, Washington, D.C. 20549, at prescribed rates. You may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC also
maintains an Internet website that contains reports, proxy statements and other information about issuers, like us, that file electronically with the SEC. The address of that website is </FONT> <FONT SIZE=2><I>www.sec.gov</I></FONT><FONT SIZE=2>.
</FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><B> <A NAME="INFORMATION"></A>INFORMATION INCORPORATED BY REFERENCE  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The SEC allows us to "incorporate by reference" the information we file with them which means that we can disclose important information to you by referring
you to those documents instead of having to repeat the information in this prospectus. The information incorporated by reference is considered to be part of this prospectus, and later information that
we file with the SEC will automatically update and supersede this information. We incorporate by reference the documents listed below and any future information filed (rather than furnished) with the
SEC under Sections&nbsp;13(a), 13(c), 14, or 15(d) of the Exchange Act between the date of this prospectus and the termination of this offering, provided, however, that we are not incorporating any
information furnished under Item&nbsp;2.02 or Item&nbsp;7.01 of any current report on Form&nbsp;8-K:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> our Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2017, filed
with the SEC on March&nbsp;14, 2018; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> our Quarterly Report on Form&nbsp;10-Q for the quarter ended March&nbsp;31, 2018,
filed with the SEC on May&nbsp;8, 2018; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> our Current Reports on Form&nbsp;8-K filed with the SEC on February&nbsp;12, 2018 and
May&nbsp;21, 2018; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT FACE="WINGDINGS"  style="font-size:8pt;line-height:9pt;">&sect;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the description of our common stock contained in our registration statement on
Form&nbsp;8-A filed with the SEC on June&nbsp;9, 2014, including any amendments or reports filed for the purpose of updating such description. </FONT></DD></DL>
</UL>

<P style="font-family:arial;"><FONT SIZE=2>These
documents may also be accessed on our website at </FONT><FONT SIZE=2><I>www.ardelyx.com</I></FONT><FONT SIZE=2>. Except as otherwise specifically incorporated by reference in this prospectus,
information contained in, or accessible through, our website is not a part of this prospectus. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
will furnish without charge to you, upon written or oral request, a copy of any or all of the documents incorporated by reference, including exhibits to these documents by writing or telephoning us
at the following address: </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>Ardelyx,&nbsp;Inc.<BR>
34175 Ardenwood Blvd., Suite&nbsp;200<BR>
Fremont, CA 94555<BR>
(510)&nbsp;745-1700<BR>
Attention: General Counsel </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>S-32</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><B>PROSPECTUS  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>$200,000,000  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>
<IMG SRC="g676493.jpg" ALT="LOGO" WIDTH="342" HEIGHT="82">
  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B> Common Stock, Preferred Stock, Debt Securities,<BR>
Warrants, Purchase Contracts, Units  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><I>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may offer and sell up to $200,000,000 in the aggregate of the securities identified above from time to time in one or more offerings. This
prospectus provides you with a general description of the securities. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
time we offer and sell securities, we will provide a supplement to this prospectus that contains specific information about the offering and the amounts, prices and terms of the
securities. The supplement may also add, update or change information contained in this prospectus with respect to that offering. You should carefully read this prospectus and the applicable
prospectus supplement before you invest in any of our securities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may offer and sell the securities described in this prospectus and any prospectus supplement to or through one or more underwriters, dealers and agents, or directly to purchasers, or
through a combination of these methods. If any underwriters, dealers or agents are involved in the sale of any of the securities, their names and any applicable purchase price, fee, commission or
discount arrangement between or among them will be set forth, or will be calculable from the information set forth, in the applicable prospectus supplement. See the sections of this prospectus
entitled "About this Prospectus" and "Plan of Distribution" for more information. No securities may be sold without delivery of this prospectus and the applicable prospectus supplement describing the
method and terms of the offering of such securities. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=3><B>INVESTING IN OUR SECURITIES INVOLVES RISKS. SEE THE "</B></FONT><FONT SIZE=3><B><I>RISK FACTORS</I></B></FONT><FONT SIZE=3><B>" ON PAGE 5 OF THIS PROSPECTUS
AND ANY SIMILAR SECTION CONTAINED IN THE APPLICABLE PROSPECTUS SUPPLEMENT CONCERNING FACTORS YOU SHOULD CONSIDER BEFORE INVESTING IN OUR SECURITIES.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our common stock is listed on The NASDAQ Global Market under the symbol "ARDX." On July&nbsp;9, 2015, the last reported sale price of our common
stock on The NASDAQ Global Market was $16.46 per share. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or
accuracy of this prospectus. Any representation to the contrary is a criminal offense.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>

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&nbsp;&nbsp;&nbsp;
</b></font></p><p align=center style="font-family:times;"><font></FONT><FONT SIZE=2><B>The date of this prospectus is July&nbsp;20, 2015.</B></FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg13302a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="BG13302A_main_toc"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bg13302_table_of_contents"> </A>
<BR></FONT><FONT SIZE=2><B>  TABLE OF CONTENTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
<A NAME="BG13302_TOC"></A> </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

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<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="17pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#bi13302_about_this_prospectus"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>ABOUT THIS PROSPECTUS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#bi13302_about_this_prospectus"><FONT SIZE=2>1</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#bi13302_where_you_can_find_more_inform__whe02537"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>WHERE YOU CAN FIND MORE INFORMATION; INCORPORATION BY
REFERENCE</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#bi13302_where_you_can_find_more_inform__whe02537"><FONT SIZE=2><BR>
2</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#bi13302_about_ardelyx"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>ABOUT ARDELYX</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#bi13302_about_ardelyx"><FONT SIZE=2><BR>
4</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#da13302_risk_factors"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>RISK FACTORS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#da13302_risk_factors"><FONT SIZE=2><BR>
5</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#da13302_use_of_proceeds"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>USE OF PROCEEDS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#da13302_use_of_proceeds"><FONT SIZE=2><BR>
6</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#da13302_ratio_of_earnings_to_f__da102361"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE
DIVIDENDS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#da13302_ratio_of_earnings_to_f__da102361"><FONT SIZE=2><BR>
7</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dc13302_description_of_capital_stock"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>DESCRIPTION OF CAPITAL STOCK</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dc13302_description_of_capital_stock"><FONT SIZE=2><BR>
8</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#de13302_description_of_debt_securities"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>DESCRIPTION OF DEBT SECURITIES</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#de13302_description_of_debt_securities"><FONT SIZE=2><BR>
13</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dg13302_description_of_warrants"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>DESCRIPTION OF WARRANTS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dg13302_description_of_warrants"><FONT SIZE=2><BR>
21</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dg13302_description_of_purchase_contracts"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>DESCRIPTION OF PURCHASE CONTRACTS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dg13302_description_of_purchase_contracts"><FONT SIZE=2><BR>
23</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dg13302_description_of_units"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>DESCRIPTION OF UNITS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dg13302_description_of_units"><FONT SIZE=2><BR>
24</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#di13302_global_securities"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>GLOBAL SECURITIES</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#di13302_global_securities"><FONT SIZE=2><BR>
25</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dk13302_plan_of_distribution"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>PLAN OF DISTRIBUTION</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dk13302_plan_of_distribution"><FONT SIZE=2><BR>
28</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
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<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dk13302_legal_matters"><FONT SIZE=2><BR>
30</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dk13302_experts"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>EXPERTS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dk13302_experts"><FONT SIZE=2><BR>
30</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg13302a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bi13302_about_this_prospectus"> </A>
<A NAME="toc_bi13302_1"> </A>
<BR></FONT><FONT SIZE=2><B>  ABOUT THIS PROSPECTUS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus is part of a registration statement that we filed with the U.S. Securities and Exchange Commission, or the SEC, using a "shelf"
registration process. By using a shelf registration statement, we may sell securities from time to time and in one or more offerings up to a total dollar amount of $200,000,000 as described in this
prospectus. Each time that we offer and sell securities, we will provide a prospectus supplement to this prospectus that contains specific information about the securities being offered and sold and
the specific terms of that offering. The prospectus supplement may also add, update or change information contained in this prospectus with respect to that offering. If there is any inconsistency
between the information in this prospectus and the applicable prospectus supplement, you should rely on the prospectus supplement. Before purchasing any securities, you should carefully read both this
prospectus and the applicable prospectus supplement, together with the additional information described under the heading "Where You Can Find More Information; Incorporation by Reference." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
we nor any underwriter has authorized any other person to provide you with any information or to make any representations other than those contained in this prospectus, any
applicable prospectus supplement or any free writing prospectus prepared by or on behalf of us or to which we have referred you. We take no responsibility for, and can provide no assurance as to the
reliability of, any other information that others may give you. We will not make an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should assume that
the information appearing in this prospectus and the applicable prospectus supplement to this prospectus is accurate as of the date on its respective cover, and that any information incorporated by
reference is accurate only as of the date of the document incorporated by reference, unless we indicate otherwise. Our business, financial condition, results of operations and prospects may have
changed since those dates. This prospectus incorporates by reference, and any prospectus supplement or free writing prospectus may contain and incorporate by reference, market data and industry
statistics and forecasts that are based on independent industry publications and other publicly available information. Although we believe these sources are reliable, we do not guarantee the accuracy
or completeness of this information and we have not independently verified this information. Although we are not aware of any misstatements regarding the market and industry data presented in this
prospectus and the documents incorporated herein by reference, these estimates involve risks and uncertainties and are subject to change based on various factors, including those discussed under the
heading "Risk Factors" contained in this prospectus, the applicable prospectus supplement and any related free writing prospectus, and under similar headings in the other documents that are
incorporated by reference into this prospectus. Accordingly, investors should not place undue reliance on this information. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When
we refer to "Ardelyx," "we," "our," "us" and the "Company" in this prospectus, we mean Ardelyx,&nbsp;Inc., unless otherwise specified. When we refer to "you," we mean the holders
of the applicable series of securities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ardelxy&reg;
and our logo are some of our trademarks used in this prospectus. This prospectus also includes trademarks, tradenames, and service marks that are the property of
other organizations. Solely for convenience, our trademarks and tradenames referred to in this prospectus appear without the &reg; and &#153; symbol, but those references are not
intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights, or the right of the applicable licensor to these trademarks and tradenames. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>1</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg13302a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bi13302_where_you_can_find_more_inform__whe02537"> </A>
<A NAME="toc_bi13302_2"> </A>
<BR></FONT><FONT SIZE=2><B>  WHERE YOU CAN FIND MORE INFORMATION; INCORPORATION BY REFERENCE    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


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Available Information  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We file reports, proxy statements and other information with the SEC. Information filed with the SEC by us can be inspected and copied at the
Public Reference Room maintained by the SEC at 100&nbsp;F&nbsp;Street, N.E., Washington, D.C. 20549. You may also obtain copies of this information by mail from the Public Reference Section of the
SEC at prescribed rates. Further information on the operation of the SEC's Public Reference Room in Washington, D.C. can be obtained by calling the SEC at 1-800-SEC-0330. The SEC also maintains a
website that contains reports, proxy and information statements and other information about issuers, such as us, who file electronically with the SEC. The address of that website is </FONT> <FONT SIZE=2><I>http://www.sec.gov</I></FONT><FONT SIZE=2>.
</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
website address is </FONT><FONT SIZE=2><I>www.ardelyx.com</I></FONT><FONT SIZE=2>. The information on our website, however, is not, and should not be deemed to be, a part of this
prospectus. We have included our website address as an inactive textual reference only. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
prospectus and any prospectus supplement are part of a registration statement that we filed with the SEC and do not contain all of the information in the registration statement. The
full registration statement may be obtained from the SEC or us, as provided below. Forms of the indenture and other documents establishing the terms of the offered securities are or may be filed as
exhibits to the registration statement. Statements in this prospectus or any prospectus supplement about these documents are summaries and each statement is qualified in all respects by reference to
the document to which it refers. You should refer to the actual documents for a more complete description of the relevant matters. You may inspect a copy of the registration statement at the SEC's
Public Reference Room in Washington, D.C. or through the SEC's website, as provided above. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>



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Incorporation by Reference  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SEC's rules allow us to "incorporate by reference" information into this prospectus, which means that we can disclose important information
to you by referring you to another document filed separately with the SEC. The information incorporated by reference is deemed to be part of this prospectus, and subsequent information that we file
with the SEC will automatically update and supersede that information. Any statement contained in a previously filed document incorporated by reference will be deemed to be modified or superseded for
purposes of this prospectus to the extent that a statement contained in this prospectus modifies or replaces that statement. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
incorporate by reference our documents listed below and any future filings made by us with the SEC under Sections&nbsp;13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of
1934, as amended, which we refer to as the "Exchange Act" in this prospectus, between the date of this prospectus and the termination of the offering of the securities described in this prospectus. We
are not, however, incorporating by reference any documents or portions thereof, whether specifically listed below or filed in the future, that are not deemed "filed" with the SEC, including any
Compensation Committee report and performance graph or any information furnished pursuant to Items&nbsp;2.02 or 7.01 of Form&nbsp;8-K or related exhibits furnished pursuant to Item&nbsp;9.01 of
Form&nbsp;8-K. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
prospectus and any accompanying prospectus supplement incorporate by reference the documents set forth below that have previously been filed with the
SEC:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2014, filed with the SEC on March&nbsp;5, 2015, as amended by
Amendment No.&nbsp;1 on Form&nbsp;10-K/A filed with the SEC on March&nbsp;11, 2015; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the information specifically incorporated by reference into our Annual Report on Form&nbsp;10-K from our Definitive Proxy Statement on
Schedule&nbsp;14A filed with the SEC on April&nbsp;24, 2015; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2</FONT></P>

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<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our Quarterly Report on Form&nbsp;10-Q for the quarter ended March&nbsp;31, 2015, filed with the SEC on May&nbsp;12, 2015; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our Current Reports on Form&nbsp;8-K filed with the SEC on April&nbsp;20, 2015, June&nbsp;3, 2015 and June&nbsp;12, 2015; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the description of our common stock contained in our registration statement on Form&nbsp;8-A filed with the SEC on June&nbsp;9, 2014,
including any amendments or reports filed for the purpose of updating such description. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
reports and other documents we subsequently file pursuant to Section&nbsp;13(a), 13(c), 14 or 15(d) of the Exchange Act prior to the termination of this offering, including all
such documents we may file with the SEC after the date of the initial registration statement and prior to the effectiveness of the registration statement, but excluding any information furnished to,
rather than filed with, the SEC, will also be incorporated by reference into this prospectus and deemed to be part of this prospectus from the date of the filing of such reports and documents. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
may request a free copy of any of the documents incorporated by reference in this prospectus (other than exhibits, unless they are specifically incorporated by reference in the
documents) by writing or telephoning us at the following address: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Ardelyx,&nbsp;Inc.<BR>
34175 Ardenwood Blvd., Suite&nbsp;200<BR>
Fremont, CA 94555<BR>
(510)745-1700<BR>
Attention: General Counsel </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits
to the filings will not be sent, however, unless those exhibits have specifically been incorporated by reference in this prospectus and any accompanying prospectus supplement. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
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<BR></FONT><FONT SIZE=2><B>  ABOUT ARDELYX    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of innovative, minimally-systemic
therapeutic drugs that work exclusively in the gastrointestinal, or GI, tract to treat cardio-renal, GI and metabolic diseases. We have developed a proprietary drug discovery and design platform
enabling us, in a rapid and cost-efficient manner, to discover and design novel drug candidates. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
were founded in October 2007 as a Delaware corporation under the name Nteryx,&nbsp;Inc. Our principal executive offices are located at 34175 Ardenwood Blvd., Suite&nbsp;200,
Fremont, CA 94555, and our telephone number is (510)&nbsp;745-1700. Our website address is www.ardelyx.com. The information on, or that can be accessed through, our website is not part of this
prospectus. We have included our website address as an inactive textual reference only. References in this prospectus to "we," "us," "our," "our company" or "Ardelyx" refer to Ardelyx,&nbsp;Inc. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are an "emerging growth company," as defined in the Jumpstart Our Business Startups Act of 2012. We will remain an emerging growth company until the earlier of (1)&nbsp;the last day
of the fiscal year following the fifth anniversary of the completion of our initial public offering of common stock (December&nbsp;31, 2019), (2)&nbsp;the last day of the fiscal year in which we
have total annual gross revenue of at least $1.0&nbsp;billion, (3)&nbsp;the last day of the fiscal year in which we are deemed to be a large accelerated filer, which means the market value of our
common stock that is held by non-affiliates exceeds $700&nbsp;million as of the prior June&nbsp;30<SUP>th</SUP>, and (4)&nbsp;the date on which we have issued more than $1.0&nbsp;billion in
non-convertible debt during the prior three-year period. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>4</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
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<BR></FONT><FONT SIZE=2><B>  RISK FACTORS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in any securities offered pursuant to this prospectus and the applicable prospectus supplement involves risks. You should carefully
consider the risk factors incorporated by reference to our most recent Quarterly Report on 10-Q and any subsequent Annual Reports on Form&nbsp;10-K, Quarterly Reports on Form&nbsp;10-Q or Current
Reports on Form&nbsp;8-K we file after the date of this prospectus, and all other information contained or incorporated by reference into this prospectus, as updated by our subsequent filings under
the Exchange Act, and the risk factors and other information contained in the applicable prospectus supplement before acquiring any of such securities. The occurrence of any of these risks might cause
you to lose all or part of your investment in the offered securities. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>5</FONT></P>

<HR NOSHADE>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
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<BR></FONT><FONT SIZE=2><B>  USE OF PROCEEDS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We intend to use the net proceeds from the sale of the securities as set forth in the applicable prospectus supplement. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>6</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="da13302_ratio_of_earnings_to_f__da102361"> </A>
<A NAME="toc_da13302_3"> </A>
<BR></FONT><FONT SIZE=2><B>  RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE DIVIDENDS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth our ratio of earnings to fixed charges for the periods indicated (in thousands). The ratio of earnings to fixed
charges is computed by dividing fixed charges into earnings before income taxes plus fixed charges. Fixed charges consist of interest expense and that portion of rental expense deemed representative
of interest. We do not have any shares of preferred stock outstanding, so our ratio of earnings to fixed charges and preferred stock dividends for any given period is equivalent to our ratio of
earnings to fixed charges. Our earnings have been inadequate to cover fixed charges and preference dividends. The following table sets forth the dollar amount of the deficiency to cover fixed charges
for the three-month period ended March&nbsp;31, 2015 and each of the years ended December&nbsp;31, 2014, 2013 and 2012. We have derived the deficiency of earnings to cover fixed charges from our
historical financial statements. The following should be read in conjunction with our financial statements, including the notes thereto, and the other financial information included or incorporated by
reference herein. See Exhibit&nbsp;12.1 hereto for additional detail regarding the computation of the deficiency of earnings to cover fixed charges. </FONT></P>
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<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Three<BR>
Months<BR>
Ended<BR>
March&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Year Ended December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2012 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deficiency of earnings available to cover fixed charges</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(3,502</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(3,281</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(6,705</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(9,785</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
</TABLE></DIV>
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 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the periods indicated above, we had no outstanding shares of preferred stock with required dividend payments. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>7</FONT></P>

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<BR></FONT><FONT SIZE=2><B>  DESCRIPTION OF CAPITAL STOCK    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>The following summary describes our capital stock and the material provisions of our amended and restated certificate of
incorporation and our amended and restated bylaws, our investor rights agreement and registration rights agreement to which we and certain of our stockholders are parties and of the Delaware General
Corporation Law. Because the following is only a summary, it does not contain all of the information that may be important to you. For a complete description, you should refer to our amended and
restated certificate of incorporation, amended and restated bylaws, amended and restated investor rights agreement, and registration rights agreement, copies of which are incorporated by reference as
exhibits to the registration statement of which this prospectus is a part.</I></FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


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General  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our amended and restated certificate of incorporation authorizes 300,000,000 shares of common stock, $0.0001 par value per share, and 5,000,000
shares of preferred stock, $0.0001 par value per share. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


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Common Stock  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>



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Voting Rights  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each holder of our common stock is entitled to one vote for each share on all matters submitted to a vote of the stockholders, including the
election of directors. Our stockholders do not have cumulative voting rights in the election of directors. Accordingly, holders of a majority of the voting shares are able to elect all of the
directors. In addition, the affirmative vote of holders of 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the voting power of all of the then outstanding voting stock will be required to take certain actions, including
amending certain provisions of our amended and restated certificate of incorporation, such as the provisions relating to amending our amended and restated bylaws, the classified board and director
liability. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Dividends  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to preferences that may be applicable to any then outstanding preferred stock, holders of our common stock are entitled to receive
dividends, if any, as may be declared from time to time by our board of directors out of legally available funds. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Liquidation  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of our liquidation, dissolution or winding up, holders of our common stock will be entitled to share ratably in the net assets
legally available for distribution to stockholders after the payment of all of our debts and other liabilities and the satisfaction of any liquidation preference granted to the holders of any then
outstanding shares of preferred stock. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Rights and Preferences  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of our common stock have no preemptive, conversion, subscription or other rights, and there are no redemption or sinking fund provisions
applicable to our common stock. The rights, preferences and privileges of the holders of our common stock are subject to and may be adversely affected by the rights of the holders of shares of any
series of our preferred stock that we may designate in the future. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Fully Paid and Nonassessable</I></B></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
of our outstanding shares of common stock are, and the shares of common stock to be issued in this offering will be, fully paid and nonassessable. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>8</FONT></P>

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Preferred Stock  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our board of directors has the authority, without further action by our stockholders, to issue up to 5,000,000 shares of preferred stock in one
or more series and to fix the rights, preferences, privileges and restrictions thereof. These rights, preferences and privileges could include dividend rights, conversion rights, voting rights, terms
of redemption, liquidation preferences, sinking fund terms and the number of shares constituting, or the designation of, such series, any or all of which may be greater than the rights of common
stock. The issuance of our preferred stock could adversely affect the voting power of holders of common stock and the likelihood that such holders will receive dividend payments and payments upon our
liquidation. In addition, the issuance of preferred stock could have the effect of delaying, deferring or preventing a change in control of our company or other corporate action. No shares of
preferred stock are outstanding, and we have no present plan to issue any shares of preferred stock. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


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Registration Rights  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on the number of shares outstanding as of June&nbsp;30, 2015, under our amended and restated investor rights agreement, the holders of
approximately 9.7&nbsp;million shares of common stock, or their transferees have the right to require us to register their shares under the Securities Act of 1933, as amended, or the Securities Act,
so that those shares may be publicly resold, or to include their shares in any registration statement we file, in each case as described below. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>



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Demand Registration Rights  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on the number of shares outstanding as of June&nbsp;30, 2015, the holders of approximately 9.7&nbsp;million shares of our common
stock, or their transferees, will be entitled to certain demand registration rights. The holders of at least 25% of these shares can, on not more than two occasions, request that we register all or a
portion of their shares. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Piggyback Registration Rights  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on the number of shares outstanding as of June&nbsp;30, 2015, in the event that we determine to register any of our securities under the
Securities Act (subject to certain exceptions), either for our own account or for the account of other security holders, the holders of approximately 9.7&nbsp;million shares of our common stock, or
their transferees, will be entitled to certain "piggyback" registration rights allowing the holders to include their shares in such registration, subject to certain marketing and other limitations. As
a result, whenever we propose to file&nbsp;a registration statement under the Securities Act, other than with respect to a registration related to employee benefit plans, the offer and sale of debt
securities, or corporate reorganizations or certain other transactions, the holders of these shares are entitled to notice of the registration and have the right, subject to limitations that the
underwriters may impose on the number of shares included in the registration, to include their shares in the registration. In an underwritten offering, the managing underwriter, if any, has the right,
subject to specified conditions, to limit the number of shares such holders may include. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Form&nbsp;S-3 Registration Rights  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on the number of shares outstanding as of June&nbsp;30, 2015, the holders of approximately 9.7&nbsp;million shares of our common
stock, or their transferees, are entitled to certain Form&nbsp;S-3 registration rights. The holders of these shares can make a written request that we register their shares on Form&nbsp;S-3 if we
are eligible to file&nbsp;a registration statement on Form&nbsp;S-3 and if the aggregate price to the public of the shares offered is at least $1.0&nbsp;million. These stockholders may make an
unlimited number of requests for registration on Form&nbsp;S-3. In addition, to fulfill our obligation to file&nbsp;a Form&nbsp;S-3 registration statement on behalf of the holders of
9,415,891&nbsp;million shares of our common stock, including shares issuable upon exercise of warrants, on or prior to July&nbsp;20, 2015, we filed a registration statement on Form&nbsp;S-3 for
the resale of 9,415,891 shares of our common stock on July&nbsp;13, 2015. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>9</FONT></P>

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Expenses of Registration  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will pay the registration expenses of the holders of the shares registered pursuant to the demand, piggyback and Form&nbsp;S-3 registration
rights described above including reasonable fees (up to a maximum of $35,000) for one counsel for the selling shareholders. </FONT></P>

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Expiration of Registration Rights  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The demand, piggyback and Form&nbsp;S-3 registration rights described above (other than with respect to the Form&nbsp;S-3 registration
statement filed on July&nbsp;13, 2015) will expire, with respect to any particular stockholder, upon the earlier of five years after the consummation of our initial public offering in June 2014 or
when that stockholder can sell all of its shares under Rule&nbsp;144 of the Securities Act during any 90&nbsp;day period. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


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Anti-Takeover Effects of Provisions of our Amended and Restated Certificate of Incorporation, our
Amended and Restated Bylaws and Delaware Law  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some provisions of Delaware law and our amended and restated certificate of incorporation and our amended and restated bylaws could make the
following transactions more difficult: acquisition of us by means of a tender offer; acquisition of us by means of a proxy contest or otherwise; or removal of our incumbent officers and directors. It
is possible that these provisions could make it more difficult to accomplish or could deter transactions that stockholders may otherwise consider to be in their best interest or in our best interests,
including transactions that might result in a premium over the market price for our shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
provisions, summarized below, are expected to discourage coercive takeover practices and inadequate takeover bids. These provisions are also designed to encourage persons seeking
to acquire control of us to first negotiate with our board of directors. We believe that the benefits of increased protection of our potential ability to negotiate with the proponent of an unfriendly
or unsolicited proposal to acquire or restructure us outweigh the disadvantages of discouraging these proposals because negotiation of these proposals could result in an improvement of their terms. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Delaware Anti-Takeover Statute  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are subject to Section&nbsp;203 of the Delaware General Corporation Law, which prohibits persons deemed "interested stockholders" from
engaging in a "business combination" with a publicly-held Delaware corporation for three years following the date these persons become interested stockholders unless the business combination is, or
the transaction in which the person became an interested stockholder was, approved in a prescribed manner or another prescribed exception applies. Generally, an "interested stockholder" is a person
who, together with affiliates and associates, owns, or within three years prior to the determination of interested stockholder status did own, 15% or more of a corporation's voting stock. Generally, a
"business combination" includes a merger, asset or stock sale, or other transaction resulting in a financial benefit to the interested stockholder. The existence of this provision may have an
anti-takeover effect with respect to transactions not approved in advance by the board of directors, such as discouraging takeover attempts that might result in a premium over the market price of our
common stock. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>



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Undesignated Preferred Stock  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The ability to authorize undesignated preferred stock makes it possible for our board of directors to issue preferred stock with voting or other
rights or preferences that could impede the success of any attempt to change control of us. These and other provisions may have the effect of deterring hostile takeovers or delaying changes in control
or management of our company. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>10</FONT></P>

<HR NOSHADE>
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Special Stockholder Meetings  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our amended and restated bylaws provide that a special meeting of stockholders may be called only by our chairman of the board of directors,
Chief Executive Officer or President, or by a resolution adopted by a majority of our board of directors. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Requirements for Advance Notification of Stockholder Nominations and Proposals  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our amended and restated bylaws establish advance notice procedures with respect to stockholder proposals and the nomination of candidates for
election as directors, other than nominations made by or at the direction of the board of directors or a committee of the board of directors. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Elimination of Stockholder Action by Written Consent  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our amended and restated certificate of incorporation eliminates the right of stockholders to act by written consent without a meeting. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Classified Board; Election and Removal of Directors; Filling Vacancies  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our board of directors is divided into three classes. The directors in each class will serve for a three-year term, one class being elected each
year by our stockholders, with staggered three-year terms. Only one class of directors will be elected at each annual meeting of our stockholders, with the other classes continuing for the remainder
of their respective three-year terms. Because our stockholders do not have cumulative voting rights, our stockholders holding a majority of the shares of common stock outstanding will be able to elect
all of our directors. Our amended and restated certificate of incorporation provides for the removal of any of our directors only for cause and requires at least a 66<SUP>2</SUP>/<SMALL>3</SMALL>% stockholder
vote. Furthermore, any vacancy on our board of directors, however occurring, including a vacancy resulting from an increase in the size of our board, may only be filled by a resolution of the board of
directors unless the board of directors determines that such vacancies shall be filled by the stockholders. This system of electing and removing directors and filling vacancies may tend to discourage
a third party from making a tender offer or otherwise attempting to obtain control of us, because it generally makes it more difficult for stockholders to replace a majority of the directors. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Choice of Forum  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our amended and restated certificate of incorporation provides that the Court of Chancery of the State of Delaware will be the exclusive forum
for any derivative action or proceeding brought on our behalf; any action asserting a breach of fiduciary duty, or other wrongdoing by, any of our directors, officers, employees or stockholders; any
action asserting a claim against us or any of our directors, officers or employees arising pursuant to the Delaware General Corporation Law, our amended and restated certificate of incorporation or
our amended and restated bylaws; any action to interpret, apply, enforce or determine the validity of our amended and restated certificate of incorporation or our amended and restated bylaws; or any
action asserting a claim against us or any of our directors, officers or employees that is governed by the internal affairs doctrine. Although our amended and restated certificate of incorporation
contains the choice of forum provision described above, it is possible that a court could find that such a provision is inapplicable for a particular claim or action or that such provision is
unenforceable. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>



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Amendment of Charter Provisions  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amendment of any of the above provisions, except for the provision making it possible for our board of directors to issue preferred stock,
would require approval by holders of at least 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the voting power of our then outstanding voting stock. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>11</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
provisions of the Delaware General Corporation Law, our amended and restated certificate of incorporation and our amended and restated bylaws could have the effect of discouraging
others from attempting hostile takeovers and, as a consequence, they may also inhibit temporary fluctuations in the market price of our Common Stock that often result from actual or rumored hostile
takeover attempts. These provisions may also have the effect of preventing changes in our management. It is possible that these provisions could make it more difficult to accomplish transactions that
stockholders may otherwise deem to be in their best interests. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


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Limitations of Liability and Indemnification Matters  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our amended and restated certificate of incorporation contains provisions that limit the liability of our directors for monetary damages for
breach of fiduciary duty as a director to the fullest extent permitted by Delaware law. Consequently, our directors will not be personally liable to us or our stockholders for monetary damages for any
breach of fiduciary duties as directors, except liability for:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any breach of the director's duty of loyalty to us or our stockholders; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any act or omission not in good faith or that involves intentional misconduct or a knowing violation of law; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> unlawful payments of dividends or unlawful stock repurchases or redemptions as provided in Section&nbsp;174 of the Delaware General
Corporation Law; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any transaction from which the director derived an improper personal benefit. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
amended and restated certificate of incorporation and amended and restated bylaws provide that we are required to indemnify our directors and officers, in each case to the fullest
extent permitted by Delaware law. Our amended and restated bylaws also provide that we are obligated to advance expenses incurred by a director or officer in advance of the final disposition of any
action or proceeding, and permit us to secure insurance on behalf of any officer, director, employee or other agent for any liability arising out of his or her actions in that capacity regardless of
whether we would otherwise be permitted to indemnify him or her under Delaware law. We have entered and expect to continue to enter into agreements to indemnify our directors, executive officers and
other employees as determined by our board of directors. With specified exceptions, these agreements provide for
indemnification for related expenses including, among other things, attorneys' fees, judgments, fines and settlement amounts incurred by any of these individuals in any action or proceeding. We
believe that these bylaw provisions and indemnification agreements are necessary to attract and retain qualified persons as directors and officers. We also maintain directors' and officers' liability
insurance. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
limitation of liability and indemnification provisions in our amended and restated certificate of incorporation and amended and restated bylaws may discourage stockholders from
bringing a lawsuit against our directors and officers for breach of their fiduciary duty. They may also reduce the likelihood of derivative litigation against our directors and officers, even though
an action, if successful, might benefit us and our stockholders. Further, a stockholder's investment may be adversely affected to the extent that we pay the costs of settlement and damage. </FONT></P>

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The NASDAQ Global Market Listing  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our common stock is listed on The NASDAQ Global Market under the symbol "ARDX." </FONT></P>

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Transfer Agent and Registrar  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The transfer agent and registrar for our common stock is American Stock Transfer&nbsp;&amp; Trust Company,&nbsp;LLC. The transfer agent and
registrar's address is 6201 15th&nbsp;Avenue, Brooklyn, New York&nbsp;11219. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>12</FONT></P>

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<BR></FONT><FONT SIZE=2><B>  DESCRIPTION OF DEBT SECURITIES    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following description, together with the additional information we include in any applicable prospectus supplement, summarizes certain
general terms and provisions of the debt securities that we may offer under this prospectus. When we offer to sell a particular series of debt securities, we will describe the specific terms of the
series in a supplement to this prospectus. We will also indicate in the supplement to what extent the general terms and provisions described in this prospectus apply to a particular series of debt
securities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may issue debt securities either separately, or together with, or upon the conversion or exercise of or in exchange for, other securities described in this prospectus. Debt securities
may be our senior, senior subordinated or subordinated obligations and, unless otherwise specified in a supplement to this prospectus, the debt securities will be our direct, unsecured obligations and
may be issued in one or more series. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
debt securities will be issued under an indenture between us and a third party to be identified therein. We have summarized select portions of the indenture below. The summary is not
complete. The form of the indenture has been filed as an exhibit to the registration statement and you should read the indenture for provisions that may be important to you. In the summary below, we
have included references to the section numbers of the indenture so that you can easily locate these provisions. Capitalized terms used in the summary and not defined herein have the meanings
specified in the indenture. </FONT></P>


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General  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The terms of each series of debt securities will be established by or pursuant to a resolution of our board of directors and set forth or
determined in the manner provided in a resolution of our board of directors, in an officer's certificate or by a supplemental indenture. (Section&nbsp;2.2) The particular terms of each series of
debt securities will be described in a prospectus supplement relating to such series (including any pricing supplement or term sheet). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
can issue an unlimited amount of debt securities under the indenture that may be in one or more series with the same or various maturities, at par, at a premium, or at a discount.
(Section&nbsp;2.1) We will set forth in a prospectus supplement (including any pricing supplement or term sheet) relating to any series of debt securities being offered, the aggregate principal
amount and the following terms of the debt securities, if applicable:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the title and ranking of the debt securities (including the terms of any subordination provisions); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the price or prices (expressed as a percentage of the principal amount) at which we will sell the debt securities; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any limit on the aggregate principal amount of the debt securities; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the date or dates on which the principal of the securities of the series is payable; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the rate or rates (which may be fixed or variable) per annum or the method used to determine the rate or rates (including any commodity,
commodity index, stock exchange index or financial index) at which the debt securities will bear interest, the date or dates from which interest will accrue, the date or dates on which interest will
commence and be payable and any regular record date for the interest payable on any interest payment date; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the place or places where principal of, and interest, if any, on the debt securities will be payable (and the method of such payment), where
the securities of such series may be surrendered for registration of transfer or exchange, and where notices and demands to us in respect of the debt securities may be delivered; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>13</FONT></P>

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<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the period or periods within which, the price or prices at which and the terms and conditions upon which we may redeem the debt securities; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any obligation we have to redeem or purchase the debt securities pursuant to any sinking fund or analogous provisions or at the option of a
holder of debt securities and the period or periods within which, the price or prices at which and in the terms and conditions upon which securities of the series shall be redeemed or purchased, in
whole or in part, pursuant to such obligation; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the dates on which and the price or prices at which we will repurchase debt securities at the option of the holders of debt securities and
other detailed terms and provisions of these repurchase obligations; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the denominations in which the debt securities will be issued, if other than denominations of $1,000 and any integral multiple thereof; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> whether the debt securities will be issued in the form of certificated debt securities or global debt securities; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the portion of principal amount of the debt securities payable upon declaration of acceleration of the maturity date, if other than the
principal amount; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the currency of denomination of the debt securities, which may be United States Dollars or any foreign currency, and if such currency of
denomination is a composite currency, the agency or organization, if any, responsible for overseeing such composite currency; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the designation of the currency, currencies or currency units in which payment of principal of, premium and interest on the debt securities
will be made; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> if payments of principal of, premium or interest on the debt securities will be made in one or more currencies or currency units other than
that or those in which the debt securities are denominated, the manner in which the exchange rate with respect to these payments will be determined; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the manner in which the amounts of payment of principal of, premium, if any, or interest on the debt securities will be determined, if these
amounts may be determined by reference to an index based on a currency or currencies or by reference to a commodity, commodity index, stock exchange index or financial index; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any provisions relating to any security provided for the debt securities; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any addition to, deletion of or change in the Events of Default described in this prospectus or in the indenture with respect to the debt
securities and any change in the acceleration provisions described in this prospectus or in the indenture with respect to the debt securities; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any addition to, deletion of or change in the covenants described in this prospectus or in the indenture with respect to the debt securities; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any depositaries, interest rate calculation agents, exchange rate calculation agents or other agents with respect to the debt securities; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the provisions, if any, relating to conversion or exchange of any debt securities of such series, including if applicable, the conversion or
exchange price and period, provisions as to whether conversion or exchange will be mandatory, the events requiring an adjustment of the conversion or exchange price and provisions affecting conversion
or exchange; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any other terms of the debt securities, which may supplement, modify or delete any provision of the indenture as it applies to that series,
including any terms that may be required under applicable law or regulations or advisable in connection with the marketing of the securities; and </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>14</FONT></P>

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<UL>
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<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> whether any of our direct or indirect subsidiaries will guarantee the debt securities of that series, including the terms of subordination, if
any, of such guarantees. (Section&nbsp;2.2) </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may issue debt securities that provide for an amount less than their stated principal amount to be due and payable upon declaration of acceleration of their maturity pursuant to the
terms of the indenture. We will provide you with information on the federal income tax considerations and other special considerations applicable to any of these debt securities in the applicable
prospectus supplement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
we denominate the purchase price of any of the debt securities in a foreign currency or currencies or a foreign currency unit or units, or if the principal of and any premium and
interest on any series of debt securities is payable in a foreign currency or currencies or a foreign currency unit or units, we will provide you with information on the restrictions, elections,
general tax considerations, specific terms and other information with respect to that issue of debt securities and such foreign currency or currencies or foreign currency unit or units in the
applicable prospectus supplement. </FONT></P>

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Transfer and Exchange  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each debt security will be represented by either one or more global securities registered in the name of The Depository Trust Company, or the
Depositary, or a nominee of the Depositary (we will refer to any debt security represented by a global debt security as a "book-entry debt security"), or a certificate issued in definitive registered
form (we will refer to any debt security represented by a certificated security as a "certificated debt security") as set forth in the applicable
prospectus supplement. Except as set forth under the heading "Global Debt Securities and Book-Entry System" below, book-entry debt securities will not be issuable in certificated form. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificated Debt Securities.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;You may transfer or exchange certificated debt securities at any office we maintain for this purpose in
accordance with
the terms of the indenture. (Section&nbsp;2.4) No service charge will be made for any transfer or exchange of certificated debt securities, but we may require payment of a sum sufficient to cover
any tax or other governmental charge payable in connection with a transfer or exchange. (Section&nbsp;2.7) </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
may effect the transfer of certificated debt securities and the right to receive the principal of, premium and interest on certificated debt securities only by surrendering the
certificate representing those certificated debt securities and either reissuance by us or the trustee of the certificate to the new holder or the issuance by us or the trustee of a new certificate to
the new holder. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Debt Securities and Book-Entry System.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each global debt security representing book-entry debt securities will be deposited with,
or on behalf
of, the Depositary, and registered in the name of the Depositary or a nominee of the Depositary. Please see "Global Securities." </FONT></P>

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Covenants  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will set forth in the applicable prospectus supplement any restrictive covenants applicable to any issue of debt securities.
(Article&nbsp;IV) </FONT></P>

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No Protection in the Event of a Change of Control  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless we state otherwise in the applicable prospectus supplement, the debt securities will not contain any provisions which may afford holders
of the debt securities protection in the event we have a change in control or in the event of a highly leveraged transaction (whether or not such transaction results in a change in control) which
could adversely affect holders of debt securities. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>15</FONT></P>

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Consolidation, Merger and Sale of Assets  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may not consolidate with or merge with or into, or convey, transfer or lease all or substantially all of our properties and assets to any
person (a "successor person") unless:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> we are the surviving corporation or the successor person (if other than Ardelyx) is a corporation organized and validly existing under the laws
of any U.S. domestic jurisdiction and expressly assumes our obligations on the debt securities and under the indenture; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> immediately after giving effect to the transaction, no Default or Event of Default, shall have occurred and be continuing. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the above, any of our subsidiaries may consolidate with, merge into or transfer all or part of its properties to us. (Section&nbsp;5.1) </FONT></P>

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Events of Default  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Event of Default" means with respect to any series of debt securities, any of the following:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> default in the payment of any interest upon any debt security of that series when it becomes due and payable, and continuance of such default
for a period of 30&nbsp;days (unless the entire amount of the payment is deposited by us with the trustee or with a paying agent prior to the expiration of the 30-day period); </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> default in the payment of principal of any security of that series at its maturity; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> default in the performance or breach of any other covenant or warranty by us in the indenture (other than a covenant or warranty that has been
included in the indenture solely for the benefit of a series of debt securities other than that series), which default continues uncured for a period of 60&nbsp;days after we receive written notice
from the trustee or Ardelyx and the trustee receive written notice from the holders of not less than 25% in principal amount of the outstanding debt securities of that series as provided in the
indenture; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> certain voluntary or involuntary events of bankruptcy, insolvency or reorganization of Ardelyx; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any other Event of Default provided with respect to debt securities of that series that is described in the applicable prospectus supplement.
(Section&nbsp;6.1) </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Event of Default with respect to a particular series of debt securities (except as to certain events of bankruptcy, insolvency or reorganization) necessarily constitutes an Event of
Default with respect to any other series of debt securities. (Section&nbsp;6.1) The occurrence of certain Events of Default or an acceleration under the indenture may constitute an event of default
under certain indebtedness of ours or our subsidiaries outstanding from time to time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will provide the trustee written notice of any Default or Event of Default within 30&nbsp;days of becoming aware of the occurrence of such Default or Event of Default, which notice
will describe in
reasonable detail the status of such Default or Event of Default and what action we are taking or propose to take in respect thereof. (Section&nbsp;6.1) </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
an Event of Default with respect to debt securities of any series at the time outstanding occurs and is continuing, then the trustee or the holders of not less than 25% in principal
amount of the outstanding debt securities of that series may, by a notice in writing to us (and to the trustee if given by the holders), declare to be due and payable immediately the principal of (or,
if the debt securities of that series are discount securities, that portion of the principal amount as may be specified in the terms of that series) and accrued and unpaid interest, if any, on all
debt securities of that series. In the case of an Event of Default resulting from certain events of bankruptcy, insolvency or reorganization, the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>16</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>principal
(or such specified amount) of and accrued and unpaid interest, if any, on all outstanding debt securities will become and be immediately due and payable without any declaration or other act
on the part of the trustee or any holder of outstanding debt securities. At any time after a declaration of acceleration with respect to debt securities of any series has been made, but before a
judgment or decree for payment of the money due has been obtained by the trustee, the holders of a majority in principal amount of the outstanding debt securities of that series may rescind and annul
the acceleration if all Events of Default, other than the non-payment of accelerated principal and interest, if any, with respect to debt securities of that series, have been cured or waived as
provided in the indenture. (Section&nbsp;6.2) We refer you to the prospectus supplement relating to any series of debt securities that are discount securities for the particular provisions relating
to acceleration of a portion of the principal amount of such discount securities upon the occurrence of an Event of Default. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
indenture provides that the trustee may refuse to perform any duty or exercise any of its rights or powers under the indenture unless the trustee receives indemnity satisfactory to
it against any cost, liability or expense which might be incurred by it in performing such duty or exercising such right or power. (Section&nbsp;7.1(e)) Subject to certain rights of the trustee, the
holders of a majority in principal amount of the outstanding debt securities of any series will have the right to direct the time, method and place of conducting any proceeding for any remedy
available to the trustee or exercising any trust or power conferred on the trustee with respect to the debt securities of that series. (Section&nbsp;6.12) </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
holder of any debt security of any series will have any right to institute any proceeding, judicial or otherwise, with respect to the indenture or for the appointment of a receiver or
trustee, or for any remedy under the indenture, unless:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> that holder has previously given to the trustee written notice of a continuing Event of Default with respect to debt securities of that series;
and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the holders of not less than 25% in principal amount of the outstanding debt securities of that series have made written request, and offered
indemnity or security satisfactory to the trustee, to the trustee to institute the proceeding as trustee, and the trustee has not received from the holders of not less than a majority in principal
amount of the outstanding debt securities of that series&nbsp;a direction inconsistent with that request and has failed to institute the proceeding within 60&nbsp;days. (Section&nbsp;6.7) </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
any other provision in the indenture, the holder of any debt security will have an absolute and unconditional right to receive payment of the principal of, premium and
any interest on that debt security on or after the due dates expressed in that debt security and to institute suit for the enforcement of payment. (Section&nbsp;6.8) </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
indenture requires us, within 120&nbsp;days after the end of our fiscal year, to furnish to the trustee a statement as to compliance with the indenture. (Section&nbsp;4.3) If a
Default or Event of Default occurs and is continuing with respect to the securities of any series and if it is known to a responsible officer of the trustee, the trustee shall mail to each
securityholder of the securities of that series notice of a Default or Event of Default within 90&nbsp;days after it occurs or, if later, after a responsible officer of the trustee has knowledge of
such Default or Event of Default. The indenture provides that the trustee may withhold notice to the holders of debt securities of any series of any Default or Event of Default (except in payment on
any debt securities of that series) with respect to debt securities of that series if the trustee determines in good faith that withholding notice is in the interest of the holders of those debt
securities. (Section&nbsp;7.5) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>17</FONT></P>

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Modification and Waiver  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We and the trustee may modify, amend or supplement the indenture or the debt securities of any series without the consent of any holder of any
debt security:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> to cure any ambiguity, defect or inconsistency; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> to comply with covenants in the indenture described above under the heading "Consolidation, Merger and Sale of Assets"; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> to provide for uncertificated securities in addition to or in place of certificated securities; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> to add guarantees with respect to debt securities of any series or secure debt securities of any series; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> to surrender any of our rights or powers under the indenture; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> to add covenants or events of default for the benefit of the holders of debt securities of any series; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> to comply with the applicable procedures of the applicable depositary; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> to make any change that does not adversely affect the rights of any holder of debt securities; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> to provide for the issuance of and establish the form and terms and conditions of debt securities of any series as permitted by the indenture; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> to effect the appointment of a successor trustee with respect to the debt securities of any series and to add to or change any of the
provisions of the indenture to provide for or facilitate administration by more than one trustee; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> to comply with requirements of the SEC in order to effect or maintain the qualification of the indenture under the Trust Indenture Act.
(Section&nbsp;9.1) </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may also modify and amend the indenture with the consent of the holders of at least a majority in principal amount of the outstanding debt securities of each series affected by the
modifications or amendments. We may not make any modification or amendment without the consent of the holders of each affected debt security then outstanding if that amendment
will:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> reduce the amount of debt securities whose holders must consent to an amendment, supplement or waiver; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> reduce the rate of or extend the time for payment of interest (including default interest) on any debt security; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> reduce the principal of or premium on or change the fixed maturity of any debt security or reduce the amount of, or postpone the date fixed
for, the payment of any sinking fund or analogous obligation with respect to any series of debt securities; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> reduce the principal amount of discount securities payable upon acceleration of maturity; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> waive a default in the payment of the principal of, premium or interest on any debt security (except a rescission of acceleration of the debt
securities of any series by the holders of at least a majority in aggregate principal amount of the then outstanding debt securities of that series and a waiver of the payment default that resulted
from such acceleration); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> make the principal of or premium or interest on any debt security payable in currency other than that stated in the debt security; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> make any change to certain provisions of the indenture relating to, among other things, the right of holders of debt securities to receive
payment of the principal of, premium and interest on </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>18</FONT></P>

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<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>those
debt securities and to institute suit for the enforcement of any such payment and to waivers or amendments; or </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> waive a redemption payment with respect to any debt security. (Section&nbsp;9.3) </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
for certain specified provisions, the holders of at least a majority in principal amount of the outstanding debt securities of any series may on behalf of the holders of all debt
securities of that series waive our compliance with provisions of the indenture. (Section&nbsp;9.2) The holders of a majority in principal amount of the outstanding debt securities of any series may
on behalf of the holders of all the debt securities of such series waive any past default under the indenture with respect to that series and its consequences, except a default in the payment of the
principal of, premium or any interest on any debt security of that series; provided, however, that the holders of a majority in principal amount of the outstanding debt securities of any series may
rescind an acceleration and its consequences, including any related payment default that resulted from the acceleration. (Section&nbsp;6.13) </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


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Defeasance of Debt Securities and Certain Covenants in Certain Circumstances  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal Defeasance.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The indenture provides that, unless otherwise provided by the terms of the applicable series of debt securities, we
may be
discharged from any and all obligations in respect of the debt securities of any series (subject to certain exceptions). We will be so discharged upon the deposit with the trustee, in trust, of money
and/or U.S. government obligations or, in the case of debt securities denominated in a single currency other than U.S. Dollars, government obligations of the government that issued or caused to be
issued such currency, that, through the payment of interest and principal in accordance with their terms, will provide money or U.S. government obligations in an amount sufficient in the opinion of a
nationally recognized firm of independent public accountants or investment bank to pay and discharge each installment of principal, premium and interest on and any mandatory sinking fund payments in
respect of the debt securities of that series on the stated maturity of those payments in accordance with the terms of the indenture and those debt securities. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
discharge may occur only if, among other things, we have delivered to the trustee an opinion of counsel stating that we have received from, or there has been published by, the
United States Internal Revenue Service a ruling or, since the date of execution of the indenture, there has been a change in the applicable United States federal income tax law, in either case to the
effect that, and based thereon such opinion shall confirm that, the beneficial owners of the debt securities of that series will not recognize income, gain or loss for United States federal income tax
purposes as a result of the deposit, defeasance and discharge and will be subject to United States federal income tax on the same amounts and in the same manner and at the same times as would have
been the case if the deposit, defeasance and discharge had not occurred. (Section&nbsp;8.3) </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Defeasance of Certain Covenants.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The indenture provides that, unless otherwise provided by the terms of the applicable series of debt
securities,
upon compliance with certain conditions:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> we may omit to comply with the covenant described under the heading "Consolidation, Merger and Sale of Assets" and certain other covenants set
forth in the indenture, as well as any additional covenants which may be set forth in the applicable prospectus supplement; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any omission to comply with those covenants will not constitute a Default or an Event of Default with respect to the debt securities of that
series ("covenant defeasance"). </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
conditions include:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> depositing with the trustee money and/or U.S. government obligations or, in the case of debt securities denominated in a single currency other
than U.S. Dollars, government obligations of the government that issued or caused to be issued such currency, that, through the payment of interest and principal in accordance with their terms, will
provide money in an amount sufficient </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>19</FONT></P>

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<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>in
the opinion of a nationally recognized firm of independent public accountants or investment bank to pay and discharge each installment of principal of, premium and interest on and any mandatory
sinking fund payments in respect of the debt securities of that series on the stated maturity of those payments in accordance with the terms of the indenture and those debt securities; and </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> delivering to the trustee an opinion of counsel to the effect that we have received from, or there has been published by, the United States
Internal Revenue Service a ruling or, since the date of execution of the indenture, there has been a change in the applicable United States federal income tax law, in either case to the effect that,
and based thereon such opinion shall confirm that, the beneficial owners of the debt securities of that series will not recognize income, gain or loss for United States federal income tax purposes as
a result of the deposit and related covenant defeasance and will be subject to United States federal income tax on the same amounts and in the same manner and at the same times as would have been the
case if the deposit and related covenant defeasance had not occurred. (Section&nbsp;8.4) </FONT></DD></DL>
</UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


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No Personal Liability of Directors, Officers, Employees or Stockholders  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of our past, present or future directors, officers, employees or stockholders, as such, will have any liability for any of our obligations
under the debt securities or the indenture or for any claim based on, or in respect or by reason of, such obligations or their creation. By accepting a debt security, each holder waives and releases
all such liability. This waiver and release is part of the consideration for the issue of the debt securities. However, this waiver and release may not be effective to waive liabilities under U.S.
federal securities laws, and it is the view of the SEC that such a waiver is against public policy. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


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Governing Law  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indenture and the debt securities, including any claim or controversy arising out of or relating to the indenture or the securities, will be
governed by the laws of the State of New York. (Section&nbsp;10.10) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>20</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dg13302_description_of_warrants"> </A>
<A NAME="toc_dg13302_1"> </A>
<BR></FONT><FONT SIZE=2><B>  DESCRIPTION OF WARRANTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may issue warrants for the purchase of shares of our common stock or preferred stock or of debt securities. We may issue warrants
independently or together with other securities, and the warrants may be attached to or separate from any offered securities. Each series of warrants will be issued under a separate warrant agreement
to be entered into between us and the investors or a warrant agent. The following summary of material provisions of the warrants and warrant agreements are subject to, and qualified in their entirety
by reference to, all the provisions of the warrant agreement and warrant certificate applicable to a particular series of warrants. The terms of any warrants offered under a prospectus supplement may
differ from the terms described below. We urge you to read the applicable prospectus supplement and any related free writing prospectus, as well as the complete warrant agreements and warrant
certificates that contain the terms of the warrants. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
particular terms of any issue of warrants will be described in the prospectus supplement relating to the issue. Those terms may include:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the number of shares of common stock or preferred stock purchasable upon the exercise of warrants to purchase such shares and the price at
which such number of shares may be purchased upon such exercise; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the designation, stated value and terms (including, without limitation, liquidation, dividend, conversion and voting rights) of the series of
preferred stock purchasable upon exercise of warrants to purchase preferred stock; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the principal amount of debt securities that may be purchased upon exercise of a debt warrant and the exercise price for the warrants, which
may be payable in cash, securities or other property; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the date, if any, on and after which the warrants and the related debt securities, preferred stock or common stock will be separately
transferable; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the terms of any rights to redeem or call the warrants; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the date on which the right to exercise the warrants will commence and the date on which the right will expire; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> United States Federal income tax consequences applicable to the warrants; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any additional terms of the warrants, including terms, procedures, and limitations relating to the exchange, exercise and settlement of the
warrants. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders
of equity warrants will not be entitled to:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> vote, consent or receive dividends; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> receive notice as stockholders with respect to any meeting of stockholders for the election of our directors or any other matter; or </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> exercise any rights as stockholders of Ardelyx. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
warrant will entitle its holder to purchase the principal amount of debt securities or the number of shares of preferred stock or common stock at the exercise price set forth in, or
calculable as set forth in, the applicable prospectus supplement. Unless we otherwise specify in the applicable prospectus supplement, holders of the warrants may exercise the warrants at any time up
to the specified time on the expiration date that we set forth in the applicable prospectus supplement. After the close of business on the expiration date, unexercised warrants will become void. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
holder of warrant certificates may exchange them for new warrant certificates of different denominations, present them for registration of transfer and exercise them at the corporate
trust office </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>21</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>of
the warrant agent or any other office indicated in the applicable prospectus supplement. Until any warrants to purchase debt securities are exercised, the holder of the warrants will not have any
rights of holders of the debt securities that can be purchased upon exercise, including any rights to receive payments of principal, premium or interest on the underlying debt securities or to enforce
covenants in the applicable indenture. Until any warrants to purchase common stock or preferred stock are exercised, the holders of the warrants will not have any rights of holders of the underlying
common stock or preferred stock, including any rights to receive dividends or payments upon any liquidation, dissolution or winding up on the common stock or preferred stock, if any. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>22</FONT></P>

<HR NOSHADE>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
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<A NAME="toc_dg13302_2"> </A>
<BR></FONT><FONT SIZE=2><B>  DESCRIPTION OF PURCHASE CONTRACTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may issue purchase contracts for the purchase or sale of:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> debt or equity securities issued by us or securities of third parties, a basket of such securities, an index or indices of such securities or
any combination of the above as specified in the applicable prospectus supplement; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> currencies; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> commodities. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
purchase contract will entitle the holder thereof to purchase or sell, and obligate us to sell or purchase, on specified dates, such securities, currencies or commodities at a
specified purchase price, which may be based on a formula, all as set forth in the applicable prospectus supplement. We may, however, satisfy our obligations, if any, with respect to any purchase
contract by delivering the cash value of such purchase contract or the cash value of the property otherwise deliverable or, in the case of purchase contracts on underlying currencies, by delivering
the underlying currencies, as set forth in the applicable prospectus supplement. The applicable prospectus supplement will also specify the methods by which the holders may purchase or sell such
securities, currencies or commodities and any acceleration, cancellation or termination provisions or other provisions relating to the settlement of a purchase contract. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
purchase contracts may require us to make periodic payments to the holders thereof or vice versa, which payments may be deferred to the extent set forth in the applicable prospectus
supplement, and those payments may be unsecured or prefunded on some basis. The purchase contracts may require the holders thereof to secure their obligations in a specified manner to be described in
the applicable prospectus supplement. Alternatively, purchase contracts may require holders to satisfy their obligations thereunder when the purchase contracts are issued. Our obligation to settle
such pre-paid purchase contracts on the relevant settlement date may constitute indebtedness. Accordingly, pre-paid purchase contracts will be issued under the applicable indenture. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>23</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dg13302_description_of_units"> </A>
<A NAME="toc_dg13302_3"> </A>
<BR></FONT><FONT SIZE=2><B>  DESCRIPTION OF UNITS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may issue units consisting of any combination of the other types of securities offered under this prospectus in one or more series. We may
evidence each series of units by unit certificates that we will issue under a separate agreement. We may enter into unit agreements with a unit agent. Each unit agent will be a bank or trust company
that we select. We will indicate the name and address of the unit agent in the applicable prospectus supplement relating to a particular series of units. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following description, together with the additional information included in any applicable prospectus supplement, summarizes the general features of the units that we may offer under
this prospectus. You should read any prospectus supplement and any free writing prospectus that we may authorize to be provided to you related to the series of units being offered, as well as the
complete unit agreements that contain the terms of the units. Specific unit agreements will contain additional
important terms and provisions and we will file as an exhibit to the registration statement of which this prospectus is a part, or will incorporate by reference from another report that we file with
the SEC, the form of each unit agreement relating to units offered under this prospectus. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
we offer any units, certain terms of that series of units will be described in the applicable prospectus supplement, including, without limitation, the following, as
applicable:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the title of the series of units; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> identification and description of the separate constituent securities comprising the units; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the price or prices at which the units will be issued; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the date, if any, on and after which the constituent securities comprising the units will be separately transferable; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a discussion of certain United States federal income tax considerations applicable to the units; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any other terms of the units and their constituent securities. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>24</FONT></P>

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</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="di13302_global_securities"> </A>
<A NAME="toc_di13302_1"> </A>
<BR></FONT><FONT SIZE=2><B>  GLOBAL SECURITIES    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


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Book-Entry, Delivery and Form  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless we indicate differently in a prospectus supplement, the securities initially will be issued in book-entry form and represented by one or
more global notes or global securities, or, collectively, global securities. The global securities will be deposited with, or on behalf of, The Depository Trust Company, New York, New York, as
depositary, or DTC, and registered in the name of Cede&nbsp;&amp;&nbsp;Co., the nominee of DTC. Unless and until it is exchanged for individual certificates
evidencing securities under the limited circumstances described below, a global security may not be transferred except as a whole by the depositary to its nominee or by the nominee to the depositary,
or by the depositary or its nominee to a successor depositary or to a nominee of the successor depositary. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTC
has advised us that it is:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a limited-purpose trust company organized under the New York Banking Law; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a "banking organization" within the meaning of the New York Banking Law; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a member of the Federal Reserve System; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a "clearing corporation" within the meaning of the New York Uniform Commercial Code; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a "clearing agency" registered pursuant to the provisions of Section&nbsp;17A of the Exchange Act. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTC
holds securities that its participants deposit with DTC. DTC also facilitates the settlement among its participants of securities transactions, such as transfers and pledges, in
deposited securities through electronic computerized book-entry changes in participants' accounts, thereby eliminating the need for physical movement of securities certificates. "Direct participants"
in DTC include securities brokers and dealers, including underwriters, banks, trust companies, clearing corporations and other organizations. DTC is a wholly-owned subsidiary of The Depository
Trust&nbsp;&amp; Clearing Corporation, or DTCC. DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing
agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others, which we sometimes refer to as
indirect participants, that clear through or maintain a custodial relationship with a direct participant, either directly or indirectly. The rules applicable to DTC and its participants are on file
with the SEC. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases
of securities under the DTC system must be made by or through direct participants, which will receive a credit for the securities on DTC's records. The ownership interest of
the actual purchaser of a security, which we sometimes refer to as a beneficial owner, is in turn recorded on the direct and indirect participants' records. Beneficial owners of securities will not
receive written confirmation from DTC of their purchases. However, beneficial owners are expected to receive written confirmations providing details of their transactions, as well as periodic
statements of their holdings, from the direct or indirect participants through which they purchased securities. Transfers of ownership interests in global securities are to be accomplished by entries
made on the books of participants acting on behalf of beneficial owners. Beneficial owners will not receive certificates representing their ownership interests in the global securities, except under
the limited circumstances described below. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
facilitate subsequent transfers, all global securities deposited by direct participants with DTC will be registered in the name of DTC's partnership nominee, Cede&nbsp;&amp;&nbsp;Co.,
or such other name as may be requested by an authorized representative of DTC. The deposit of securities with DTC and their registration in the name of Cede&nbsp;&amp;&nbsp;Co. or such other nominee
will not change the beneficial ownership of the securities. DTC has no knowledge of the actual beneficial owners of the securities. DTC's records reflect only the identity of the direct participants
to whose accounts the securities are credited, </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>25</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>which
may or may not be the beneficial owners. The participants are responsible for keeping account of their holdings on behalf of their customers. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;So
long as the securities are in book-entry form, you will receive payments and may transfer securities only through the facilities of the depositary and its direct and indirect
participants. We will maintain an office or agency in the location specified in the prospectus supplement for the applicable securities, where notices and demands in respect of the securities and the
indenture may be delivered to us and where certificated securities may be surrendered for payment, registration of transfer or exchange. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conveyance
of notices and other communications by DTC to direct participants, by direct participants to indirect participants and by direct participants and indirect participants to
beneficial owners will be governed by arrangements among them, subject to any legal requirements in effect from time to time. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption
notices will be sent to DTC. If less than all of the securities of a particular series are being redeemed, DTC's practice is to determine by lot the amount of the interest of
each direct participant in the securities of such series to be redeemed. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
DTC nor Cede&nbsp;&amp;&nbsp;Co. (or such other DTC nominee) will consent or vote with respect to the securities. Under its usual procedures, DTC will mail an omnibus proxy to us
as soon as possible after the record date. The omnibus proxy assigns the consenting or voting rights of Cede&nbsp;&amp;&nbsp;Co. to those direct participants to whose accounts the securities of such
series are credited on the record date, identified in a listing attached to the omnibus proxy. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;So
long as securities are in book-entry form, we will make payments on those securities to the depositary or its nominee, as the registered owner of such securities, by wire transfer of
immediately available funds. If securities are issued in definitive certificated form under the limited circumstances described below, we will have the option of making payments by check mailed to the
addresses of the persons entitled to payment or by wire transfer to bank accounts in the United States designated in writing to the applicable trustee or other designated party at least 15&nbsp;days
before the applicable payment date by the persons entitled to payment, unless a shorter period is satisfactory to the applicable trustee or other designated party. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption
proceeds, distributions and dividend payments on the securities will be made to Cede&nbsp;&amp;&nbsp;Co., or such other nominee as may be requested by an authorized
representative of DTC. DTC's practice is to credit direct participants' accounts upon DTC's receipt of funds and corresponding detail information from us on the payment date in accordance with their
respective holdings shown on DTC records. Payments by participants to beneficial owners will be governed by standing instructions and customary practices, as is the case with securities held for the
account of customers in bearer form or registered in "street name." Those payments will be the responsibility of participants and not of DTC or us, subject to any statutory or regulatory requirements
in effect from time to time. Payment of redemption proceeds, distributions and dividend payments to Cede&nbsp;&amp;&nbsp;Co., or such other nominee as may be requested by an authorized representative
of DTC, is our responsibility, disbursement of payments to direct participants is the responsibility of DTC, and disbursement of payments to the beneficial owners is the responsibility of direct and
indirect participants. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
under the limited circumstances described below, purchasers of securities will not be entitled to have securities registered in their names and will not receive physical delivery
of securities. Accordingly, each beneficial owner must rely on the procedures of DTC and its participants to exercise any rights under the securities and the indenture. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
laws of some jurisdictions may require that some purchasers of securities take physical delivery of securities in definitive form. Those laws may impair the ability to transfer or
pledge beneficial interests in securities. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>26</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTC
may discontinue providing its services as securities depositary with respect to the securities at any time by giving reasonable notice to us. Under such circumstances, in the event
that a successor depositary is not obtained, securities certificates are required to be printed and delivered. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
noted above, beneficial owners of a particular series of securities generally will not receive certificates representing their ownership interests in those securities. However,
if:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> DTC notifies us that it is unwilling or unable to continue as a depositary for the global security or securities representing such series of
securities or if DTC ceases to be a clearing agency registered under the Exchange Act at a time when it is required to be registered and a successor depositary is not appointed within 90&nbsp;days
of the notification to us or of our becoming aware of DTC's ceasing to be so registered, as the case may be; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> we determine, in our sole discretion, not to have such securities represented by one or more global securities; or </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> an Event of Default has occurred and is continuing with respect to such series of securities, </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;we
will prepare and deliver certificates for such securities in exchange for beneficial interests in the global securities. Any beneficial interest in a global security that is
exchangeable under the circumstances described in the preceding sentence will be exchangeable for securities in definitive certificated form registered in the names that the depositary directs. It is
expected that these directions will be based upon directions received by the depositary from its participants with respect to ownership of beneficial interests in the global securities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have obtained the information in this section and elsewhere in this prospectus concerning DTC and DTC's book-entry system from sources that are believed to be reliable, but we take no
responsibility for the accuracy of this information. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>27</FONT></P>

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</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dk13302_plan_of_distribution"> </A>
<A NAME="toc_dk13302_1"> </A>
<BR></FONT><FONT SIZE=2><B>  PLAN OF DISTRIBUTION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may sell the securities from time to time pursuant to underwritten public offerings, negotiated transactions, block trades or a combination
of these methods or through underwriters or dealers, through agents and/or directly to one or more purchasers. The securities may be distributed from time to time in one or more
transactions:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> at a fixed price or prices, which may be changed; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> at market prices prevailing at the time of sale; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> at prices related to such prevailing market prices; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> at negotiated prices. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
time that we sell securities covered by this prospectus, we will provide a prospectus supplement or supplements that will describe the method of distribution and set forth the terms
and conditions of the offering of such securities, including the offering price of the securities and the proceeds to us, if applicable. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offers
to purchase the securities being offered by this prospectus may be solicited directly. Agents may also be designated to solicit offers to purchase the securities from time to
time. Any agent involved in the offer or sale of our securities will be identified in a prospectus supplement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a dealer is utilized in the sale of the securities being offered by this prospectus, the securities will be sold to the dealer, as principal. The dealer may then resell the securities
to the public at varying prices to be determined by the dealer at the time of resale. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
an underwriter is utilized in the sale of the securities being offered by this prospectus, an underwriting agreement will be executed with the underwriter at the time of sale and the
name of any underwriter will be provided in the prospectus supplement that the underwriter will use to make resales of the securities to the public. In connection with the sale of the securities, we
or the purchasers of securities for whom the underwriter may act as agent, may compensate the underwriter in the form of underwriting discounts or commissions. The underwriter may sell the securities
to or through dealers, and those dealers may receive compensation in the form of discounts, concessions or commissions from the underwriters and/or commissions from the purchasers for which they may
act as agent. Unless otherwise indicated in a prospectus supplement, an agent will be acting on a best efforts basis and a dealer will purchase securities as a principal, and may then resell the
securities at varying prices to be determined by the dealer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
compensation paid to underwriters, dealers or agents in connection with the offering of the securities, and any discounts, concessions or commissions allowed by underwriters to
participating
dealers will be provided in the applicable prospectus supplement. Underwriters, dealers and agents participating in the distribution of the securities may be deemed to be underwriters within the
meaning of the Securities Act, and any discounts and commissions received by them and any profit realized by them on resale of the securities may be deemed to be underwriting discounts and
commissions. We may enter into agreements to indemnify underwriters, dealers and agents against civil liabilities, including liabilities under the Securities Act, or to contribute to payments they may
be required to make in respect thereof and to reimburse those persons for certain expenses. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
common stock or preferred stock will be listed on The NASDAQ Global Market, but any other securities may or may not be listed on a national securities exchange. To facilitate the
offering of securities, certain persons participating in the offering may engage in transactions that stabilize, maintain or otherwise affect the price of the securities. This may include
over-allotments or short sales of the securities, which involve the sale by persons participating in the offering of more securities than were sold to them. In these circumstances, these persons would
cover such over-allotments or short </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>28</FONT></P>

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<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_dk13302_1_29"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg13302a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>positions
by making purchases in the open market or by exercising their over-allotment option, if any. In addition, these persons may stabilize or maintain the price of the securities by bidding for
or purchasing securities in the open market or by imposing penalty bids, whereby selling concessions allowed to dealers participating in the offering may be reclaimed if securities sold by them are
repurchased in connection with stabilization transactions. The effect of these transactions may be to stabilize or maintain the market price of the securities at a level above that which might
otherwise prevail in the open market. These transactions may be discontinued at any time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
indicated in the applicable prospectus supplement, underwriters or other persons acting as agents may be authorized to solicit offers by institutions or other suitable purchasers to
purchase the securities at the public offering price set forth in the prospectus supplement, pursuant to delayed delivery contracts providing for payment and delivery on the date or dates stated in
the prospectus supplement. These purchasers may include, among others, commercial and savings banks, insurance companies, pension funds, investment companies and educational and charitable
institutions. Delayed delivery contracts will be subject to the condition that the purchase of the securities covered by the delayed delivery contracts will not at the time of delivery be prohibited
under the laws of any jurisdiction in the United States to which the purchaser is subject. The underwriters and agents will not have any responsibility with respect to the validity or performance of
these contracts. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may engage in at the market offerings into an existing trading market in accordance with Rule&nbsp;415(a)(4) under the Securities Act. In addition, we may enter into derivative
transactions with third parties, or sell securities not covered by this prospectus to third parties in privately negotiated transactions. If the applicable prospectus supplement so indicates, in
connection with those derivatives, the third parties may sell securities covered by this prospectus and the applicable prospectus supplement, including in short sale transactions. If so, the third
party may use securities pledged by us
or borrowed from us or others to settle those sales or to close out any related open borrowings of stock, and may use securities received from us in settlement of those derivatives to close out any
related open borrowings of stock. The third party in such sale transactions will be an underwriter and, if not identified in this prospectus, will be named in the applicable prospectus supplement (or
a post-effective amendment). In addition, we may otherwise loan or pledge securities to a financial institution or other third party that in turn may sell the securities short using this prospectus
and an applicable prospectus supplement. Such financial institution or other third party may transfer its economic short position to investors in our securities or in connection with a concurrent
offering of other securities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
specific terms of any lock-up provisions in respect of any given offering will be described in the applicable prospectus supplement. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
underwriters, dealers and agents may engage in transactions with us, or perform services for us, in the ordinary course of business for which they receive compensation. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>29</FONT></P>

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<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_dk13302_1_30"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg13302a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dk13302_legal_matters"> </A>
<A NAME="toc_dk13302_2"> </A>
<BR></FONT><FONT SIZE=2><B>  LEGAL MATTERS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Latham&nbsp;&amp; Watkins&nbsp;LLP will pass upon certain legal matters relating to the issuance and sale of the securities offered hereby on
behalf of Ardelyx,&nbsp;Inc. Additional legal matters may be passed upon for us or any underwriters, dealers or agents by counsel that we will name in the applicable prospectus supplement. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dk13302_experts"> </A>
<A NAME="toc_dk13302_3"> </A>
<BR></FONT><FONT SIZE=2><B>  EXPERTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ernst&nbsp;&amp; Young&nbsp;LLP, independent registered public accounting firm, has audited our financial statements included in our Annual
Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2014, as set forth in their report which is incorporated by reference in this prospectus and elsewhere in
the registration statement. Our financial statements are incorporated by reference in reliance on Ernst&nbsp;&amp; Young&nbsp;LLP's report, given on their authority as experts in accounting and
auditing. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>30</FONT></P>

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<P style='font-family:times;page-break-before:always'></p>
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 </FONT> <FONT SIZE=2><A HREF="#bg13301a_main_toc">Table of Contents</A> </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2><BR></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><div
style="width:100%;border-top:solid #000000 3.0pt;padding:0in 0in 0in 0in;font-size:3.0pt;"></div>
<div style="width:100%;border-top:solid #000000 1.0pt;padding:0in 0in 0in 0in;font-size:4.0pt;"></div> </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=4><B>$50,000,000  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=4><B>
<IMG SRC="g972341.jpg" ALT="LOGO" WIDTH="324" HEIGHT="55">
  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=5><B>Ardelyx,&nbsp;Inc.  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=4><B>Common stock  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=3><B>

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 </B></FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=3><B>Prospectus Supplement  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=3><B>


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 </B></FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><I>Joint Book-Running Managers  </I></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

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<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=4><B>Jefferies</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=4>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=4><B> Leerink Partners</B></FONT></TD>
</TR>
</TABLE></DIV>
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 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2018 </FONT></P>
 <p style="font-family:arial;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
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&nbsp;&nbsp;&nbsp;
</font></p>
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style="width:100%;border-top:solid #000000 1.0pt;padding:0in 0in 0in 0in;font-size:3.0pt;"></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
